Visa Reports 33% Jump in Quarterly Income to $713 Million

Visa announced their Q2 Results which are as follows:



Visa Inc. reported a 33% jump in quarterly net income.



Q2 net income was $713 million, or 96 cents per class A common share.



That compared to $536 million, or 71 cents per class A common share, the previous year.  



Net operating revenue came in at $2 billion, up 19%.



Here's the press release:

Visa Inc. Posts Strong Fiscal Second Quarter 2010 Earnings Results

GAAP quarterly net income of $713 million or $0.96 per diluted class A common share - Revenue growth of 19% as payments volumes and processed transactions improve globally

SAN FRANCISCO, April 28, 2010 /PRNewswire via COMTEX/ -- Visa Inc. (V 92.10, -1.51, -1.61%) today announced financial results for the Company's fiscal second quarter 2010 ended March 31, 2010. GAAP net income for the quarter was $713 million, or $0.96 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 742 million.

GAAP net operating revenue in the fiscal second quarter of 2010 was $2.0 billion, an increase of 19% over the prior year and driven by strong contributions across all revenue categories, in particular data processing and international transaction revenues.

"Visa delivered strong financial performance during our fiscal second quarter and we remain confident in delivering our guidance for fiscal year 2010," said Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc. "Our performance was fueled by higher than expected payments volume growth. As I discussed at our recent Investor Day, we are increasingly optimistic that economic growth will gradually improve. At the same time, we remain diligent about how we manage our business and finances throughout the current economic environment."

"Visa's long term strategic goals and our ability to drive the migration to Visa products and services are based on our history of innovation and market responsiveness," added Saunders. "Our pending acquisition of CyberSource is the most recent example of the Company responding to market opportunities to fuel future growth. We remain focused on enhancing product offerings and providing new technologies to our clients and customers, while we continue to deliver value to our shareholders."