Visa Profit Matches Estimates as $5 Billion Buyback Plan Is Set
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Visa Inc., the world’s biggest bank-card network, posted a fiscal fourth-quarter profit that matched analysts’ estimates and said it may repurchase as much as $5 billion of shares.
Net income for the three months ended Sept. 30 fell 28 percent to $1.19 billion, or $1.85 a share, from $1.66 billion, or $2.47, a year earlier, the Foster City, California-based company said yesterday in a statement. That equaled the average estimate of 31 analysts surveyed by Bloomberg. On an adjusted basis, profit climbed 15 percent from the fourth quarter of 2012, when results were helped by a $627 million tax adjustment.