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Visa posted a profit of $5.27 billion, or $2.69 a share, in the quarter ended June 30. PHOTO: DADO RUVIC/REUTERS
Visa V -1.18%decrease; red down pointing triangle reported increases in profit and sales in the fiscal third quarter as consumer sentiment stayed strong.
The San Francisco credit-card company on Tuesday posted a profit of $5.27 billion, or $2.69 a share, in the quarter ended June 30, compared with $4.87 billion, or $2.40 a share, a year earlier.
Stripping out certain one-time items, adjusted per-share earnings were $2.98, ahead of the $2.85 forecast by analysts, according to FactSet.
Revenue rose 14%, to $10.17 billion. Analysts surveyed by FactSet forecast revenue of $9.85 billion. Payments volume increased 8%.
“Consumer spending remains resilient, with continued strength in discretionary and non-discretionary growth in the U.S.,” Chief Executive Ryan McInerney said.
Visa said it expects earnings per share to increase in the current quarter by a high-single-digit percent, while analysts were forecasting a roughly 12% increase in earnings per share. Revenue is projected to grow by a high-single-digit to low-double digit percentage in the fiscal fourth quarter.
The company reiterated its full-year outlook.
Visa shares fell 2.9% to $341.04 in after-hours trading.
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