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Visa posts 40 percent leap in 3rd-quarter profit, as consumers used cards more, spent more
NEW YORK (AP) ' Visa Inc. says its fiscal third-quarter profit shot up more than 40 percent as more people used their Visa credit and debit cards.
The payments processor said Wednesday that its net income jumped from $716 million to $1 billion, or $1.43 per share. Its adjusted profit was $883 million, or $1.26 per share.
That was well ahead of the $1.23 per share Wall Street analysts were expecting.
Revenue rose 14 percent to $2.32 billion from $2.03 billion a year ago. That also topped analyst forecasts. They expected $2.3 billion.
Visa says its results were boosted by greater card use, users spending more and a higher number of cross-border transactions.
In afterhours trading, Visa stock rose 22 cents to $88.02.