SAN FRANCISCO – Visa Inc. said net income for its first quarter surged 28%, even as the economic downturn slowed consumer spending.
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The world’s largest cards brand, fresh off its initial public offering, said revenues for the first quarter rose 22% to $1.45 billion. Net income for the period was $314 million, or 52 cents a share.
Visa went public last month with an IPO that raised $19.6 billion, the largest ever for a U.S. company. Credit unions and banks that are principal Visa issuers received shares in the IPO.
