SAN FRANCISCO – Cards giant Visa Inc. , which is preparing to go public in an initial public offering, reported this week it more than doubled net income for its fiscal first quarter to $424 million.
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Operating revenues, which consist mostly of fees charged to member financial institutions, grew 76% to $1.49 billion from $845 million in the year-earlier quarter.
Visa processed 9.1 billion transactions in its fiscal 2008 first quarter ended Dec. 31, up 1.1 billion or 13% from 8 billion a year earlier.
