Visa profit beats Street
Visa Inc, the world's largest credit and debit card company, reported a better-than-expected 9 percent rise in quarterly profit as more people used cards instead of cash to make payments. Visa shares rose 3.2 percent in trading before the bell. The company also said it would continue to work to make card payments more secure as concerns mount over the safety of debit and credit cards.
Copyright Reuters, 2014
"Visa is committed to ensuring our network operates at the highest level of security available and will continue to move the industry towards the adoption of new safeguards," Chief Executive Charlie Scharf said on Thursday. Net income attributable to Visa rose 9 percent to $1.41 billion, or $2.20 per Class A share, in the first quarter from $1.29 billion, or $1.93, a year earlier. Total operating revenue increased 11 percent to $3.16 billion in the quarter ended December 31.