FOSTER CITY, Calif. Card giant Visa Inc. reported a 26% rise in fiscal first quarter earnings yesterday to $1.3 billion, as payment volumes continued their strong growth.
The first quarter included a $4 billion payment from the company’s litigation escrow account into a settlement fund for the landmark antitrust deal.
First quarter revenue was up 12% to $2.8 billion, driven by strong growth in service revenue, data processing revenue and international transaction revenue. There was no significant impact on current quarter results related to the strengthening or weakening of the U.S. dollar over the prior year.
“Our results include significant continued investments in our core business, accelerating international expansion and the deployment of next-generation payment solutions for the benefit of our financial institution and merchant partners,” said Charlie Scharf, Visa CEO.
