Visa Profit Tops Estimates as Spending Climbs; Stock Splits
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Visa Inc., the world’s largest payments network, posted fiscal first-quarter profit that beat analysts’ estimates as card spending increased. The company announced a 4-for-1 stock split.
Net income for the period ended Dec. 31 rose 12 percent to $1.57 billion, or $2.53 a share, from $1.41 billion, or $2.20, a year earlier, the Foster City, California-based company said Thursday in a statement. The average estimate of 34 analysts surveyed by Bloomberg was for profit of $2.49 a share, adjusted for one-time items.