NEW YORK (AP) – Visa Inc. said its fiscal third-quarter profit jumped 25 percent, helped by a double-digit rise in payments processed on its network.
The San Francisco-based payment processing company earned $1.7 billion after payments to preferred shareholders, compared to a profit of $1.36 billion a year earlier. On a per share basis, the bank earned 69 cents per Class A share, compared with 54 cents per share a year earlier.
The results easily topped estimates. Analysts surveyed by FactSet expected earnings of 58 cents per share.
Net revenue at Visa totaled $3.52 billion, up from $3.15 billion a year earlier.
Customers spent $1.2 trillion on Visa’s network, up 11 percent from a year ago, in the three months of 2015. Visa takes a small percentage of every transaction processed on its network as a fee, which is almost always paid by the merchants who accept Visa credit or debit cards.