Visa 1Q profits rise 6%, new CEO to take over Feb. 1
Payment processing giant Visa Inc. says its profits in its latest quarter were up 6% from a year earlier, helped by the continued rise of digital payments across the globe
NEW YORK (AP) — Payment processing giant Visa Inc. said Thursday that its profits rose 6% in its latest quarter from a year earlier, helped by the continued rise of digital payments across the globe.
The company also said its current CEO, Al Kelly, will step down on Wednesday. He will be replaced by his second-in-command, Ryan McInerney.
The San Francisco-based company said it earned $4.18 billion, excluding a handful of one-time items, or $2.18 a share, in the three-month period that ended Dec. 31. That's compared to a profit of $3.96 billion in the same period a year ago. Visa's results beat analysts' expectations, according to FactSet.
For several years, Visa has benefited from the broad adoption of credit and debit card transactions across the world as well as in places that typically were cash only, such as coffee houses or bars.
