Visa Inc. posted its first loss as a public company, citing a settlement of an antitrust lawsuit, but it said profits on an adjusted basis more than doubled from a year earlier.
The San Francisco company said Wednesday that its loss in its fiscal fourth quarter, which ended Sept. 30, narrowed almost 79%, to $356 million, or 45 cents a share.
After adjusting for litigation and restructuring costs, which included a $1.1 billion reserve against litigation to be applied to the settlement of Discover Financial Services' antitrust lawsuit, Visa reported earnings of $448 million, or 58 cents a share.
Payment volume grew 15%, to $699 billion. Revenue climbed 16.7%, to $1.709 billion.
