Visa Profit Tops Estimates as Customer Card Spending Rises
- Revenue climbs 5.4% to $3.57 billion, while expenses rise 2.2%
- Scharf says `headwinds do not appear to be abating' short-term
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Visa Inc., the world’s largest payments network, posted fiscal first-quarter profit that beat analysts’ estimates as consumer card spending increased.
Net income climbed 24 percent to $1.94 billion in the period that ended Dec. 31, compared with a year earlier, the company said Thursday. Adjusted profit, which excludes some one-time items, was 69 cents a share, compared with the 68-cent average estimate of 32 analysts surveyed by Bloomberg.