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)
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