FOSTER CITY, Calif. Visa on Wednesday reported a 2% decline in second quarter earnings to $1.27 billion, because of a tax gain last year for the same quarter of $208 million.
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Financial results for the second quarter last year were adjusted to exclude a one-time, non-cash benefit of $208 million related to the remeasurement of net deferred tax liabilities.
The flat earnings come even after a 15% rise in second quarter revenue to $3 billion.
For the second quarter payments volume rose 9%, cross border volume grew 10% and total processed transactions rose 6% over the same quarter last year.
For the first six months of the fiscal year, Visa reported a 13% increase in revenue to $5.8 billion, and a 10% increase in net income to $2.6 billion.
