Visa Inc. said Tuesday that it had swung to a profit of $514 million in its fiscal fourth quarter as revenue grew 9.9%, to $1.9 billion.
The number of transactions processed on the San Francisco payment company's network expanded 9%, to 10.5 billion in the period, which ended Sept. 30.
The dollar volume of credit card payments fell 2% from the year earlier, to $426 billion, during the quarter that ended June 30. Debit payments volume grew 7%, to $261 billion. Visa reports the dollar volume of transactions for the previous quarter, which drives the company's largest revenue category.
Adjusted net income per class A share was 74 cents, two cents ahead of the average analyst estimate.
A year earlier, Visa lost $356 million after setting aside $1.1 billion for litigation, compared with $1 million in the most recent period.
