Visa profit beats estimates on higher customer spending
(Reuters) - Visa Inc's quarterly profit beat analysts' estimates on Thursday, helped by growth in overall customer spending, which boosted fees for the world's largest payment processor.
(Reuters) - Visa Inc's
The company's shares rose 1.3% in extended trading.
On an adjusted basis, Visa earned $1.47 per share in the fourth quarter, while analysts on average had expected a profit of $1.43, according to Refinitiv data.
Visa and its smaller rival Mastercard Inc
Visa's total payments volume rose 8.7% to $2.27 trillion (£1.77 trillion) on a constant dollar basis, with the United States - its largest market - accounting for about 45% of the total.
Payments volume represents the dollar amount of purchases made with cards carrying Visa's branding. The company charges a fee every time a merchant swipes a card that uses its network.
The number of transactions processed rose 13.2% to 47.82 billion.
The company's net income rose 6.3% to $3.03 billion, or $1.34 per Class A share, in the quarter ended Sept. 30. (https://bit.ly/32J3EDv)
Net revenue jumped 13% to $6.14 billion.
(Reporting by C Nivedita and Ayanti Bera in Bengaluru; Editing by Maju Samuel)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.