Visa Profit Climbs 89% on Reversal of Tax Reserves
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Visa Inc., the world’s biggest payments network, posted a fiscal fourth-quarter profit that beat analysts’ estimates as the company reversed $627 million in previously recorded tax reserves.
Net income for the three months ended Sept. 30 climbed 89 percent to $1.66 billion, or $2.47 a share, from $880 million, or $1.27, a year earlier, the Foster City, California-based company said today in a statement. Adjusted profit per share, which excludes one-time items, was $1.54, beating the $1.50 average estimate of 34 analysts surveyed by Bloomberg. Adjusted net income for the full year was $4.2 billion.