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Visa fiscal 1st-qtr profit up 16 pct as card use rises worldwide; US debit growth rate slows
NEW YORK (AP) ' Visa Inc. says its fiscal first-quarter profit rose 16 percent, as card use rose both in the U.S. and overseas.
The San Francisco-based payments processor posted a notable 10 percent increase in U.S. credit card use, while debit card use rose just 6 percent. That's the slowest debit card growth rate recorded in more than a year, and comes during the first three-month period that new rules were in place to limit the fees merchants pay to accept the cards.
Visa also said its board approved another $500 million share buyback program.
Its net income in the latest quarter was $1.03 billion, or $1.49 per share. Revenue rose 14 percent to $2.55 billion.
Wall Street was expecting $1.45 per share, on revenue of $2.47 billion.