Visa Profit Beats Estimates as Credit-Card Spending Rises
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Visa Inc., the biggest bank-card network, reported a fiscal third-quarter profit that beat analysts’ estimates as worldwide spending on credit and debit cards climbed.
Net income for the three months ended June 30 was $1.23 billion, or $1.88 a share, compared with a loss of $1.84 billion, or $2.74, a year earlier that included a litigation expense, the Foster City, California-based company said today in a statement. The average estimate of 33 analysts surveyed by Bloomberg was for earnings of $1.80 a share. Profit excluding special items from the third quarter of 2012 climbed 16 percent.