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Visa’s earnings leap 73 per cent
VISA reported better-than-expected quarterly earnings yesterday, as the world’s largest credit card network sold its stake in Brazil’s VisaNet, trimmed expenses and consumers used their cards more.
Net income rose 73 per cent to $729m (£446m) for the third quarter.
But in a bid to conserve cash the company adjusted its estimate of capital expenditure for 2009 to around $300m from a range of $300m to $350m. US payments volume fell 2.5 per cent from the year-ago period. But payments volume continued to grow in all other regions globally.