Visa Charges Ahead As Card Usage Surges
SAN FRANCISCO – Visa Inc. yesterday reported its four-quarter earnings soared by 51%, to $774 million, as consumers used cards carrying its brand more and transaction processing revenue rose.
Fourth quarter revenues rose by 13% to $2.12 billion.
For the full year Visa said revenues rose by 17% to $8.1 billion, while net income surged 26% to $3 billion.
“We are very pleased with our fourth fiscal quarter and full-year earnings results as we continue to successfully execute on our strategic initiatives while in the midst of a very challenging business environment,” said Joseph Saunders, CEO of the card giant.
For the fourth quarter, payments volume growth was 14% over the prior year’s fourth quarter; while total processed transactions were up by 16% over the prior year.