Visa posts jump in quarterly profit, increases dividend
Visa says its fiscal fourth quarter profits rose, helped once again by higher usage of its global namesake payment network
NEW YORK (AP) — Visa Inc. said its fiscal fourth quarter profits rose by an adjusted 16% from a year earlier, helped once again by higher usage of its global namesake payment network.
The San Francisco-based company said it earned a profit of $3.94 billion, or $1.86 a share. Excluding one-time charges, which included Visa writing down some of its investments due to the drop in the stock market this year, the company earned $4.09 billion, or $1.93 a share. That's better than the $1.87 per share that analysts were forecasting, according to FactSet.
Visa processed $2.929 trillion in payments on its network in the July to September quarter, up 10.5% on a constant-dollar basis. Since the pandemic, there's been a global move to use electronic payments for more routine purchases, such as groceries. That behavioral change has directly benefited Visa's bottom line, since it takes a small fee for every transaction run on its network.
The payments increase has come despite the surge in inflation across the world. Visa said that its has seen no change in consumer purchasing behavior yet.
