Community | July 30, 2009 | 20 comments

Visa quarterly profit jumps 73% amid recession

source: http://www.huffingtonpost.com/2009/07/29/visa-quarterly-profit-jum_n_247500.html

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Visa Inc. on Wednesday said its fiscal third-quarter profit jumped nearly 73 percent, as recent cost-cutting helped offset declining payment processing volume driven down by the recession.

Executives with the world's largest electronic payment network said they see recent stabilization in the economy. They offered a slightly more optimistic outlook for Visa's fiscal fourth quarter, citing recent moderation in the payment volume decline.

"The velocity of the downturn has slowed," Chief Financial Officer Byron Pollitt told analysts on a conference call, adding that it was too early to characterize the shift as a broad economic turnaround.

San Francisco-based Visa reported net income of $729 million, or 97 cents per share, for the three months ended June 30. That's up from a profit of $422 million, or 51 cents per share, in the year-ago period.

Excluding one-time items including a gain from Visa's sale of an interest in its Brazilian affiliate, Visa's adjusted quarterly profit was $507 million, or 67 cents per share.

Analysts surveyed by Thomson Reuters expected a profit of 67 cents per share. Analysts' estimates typically exclude one-time items.

Visa's revenue rose 2 percent to nearly $1.65 billion, slightly above analysts' forecast of about $1.64 billion.
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