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Visa Inc. (V), the world’s biggest payments network, posted a fiscal third-quarter profit excluding legal costs that beat analysts’ estimates as card spending rose. Adjusted net income for the three months ended June 30 climbed to $1.06 billion, or $1.56 a share, from $883 million, or $1.26, a year earlier, the San Francisco-based company said yesterday in a statement. The average estimate of 34 analysts surveyed by Bloomberg was $1.45 a share. The firm had a net loss of $1.84 billion when including a $4.1 billion provision tied to its settlement this month of a U.S. antitrust lawsuit. read more at Bloomberg
Pedestrians pass beneath adverts for Visa Inc. next to the Olympic Park in London on July 25, 2012. Photographer: Chris Ratcliffe/Bloomberg
Visa Inc. led by Chief Executive Officer Joseph W. Saunders has benefitted from a consumer shift from cash to electronic payments that shows no signs of abating, while parrying challenges to its business model. Photographer: Andrew Harrer/Bloomberg
