Mumbai: Visa Inc.'s profit jumped 26 per cent in its fiscal second quarter from a year earlier as the company benefited from strong growth in payments volume, service revenue and a one-time tax gain.
The debit and credit card payments processor reported net income of $1.6 billion, or $2.52 per share, for the three months that ended March 31. That compares with net income of $1.3 billion, or $1.92 per share, a year earlier. Excluding the tax benefit, the Foster City, Calif., company earned $2.20 per share in the latest quarter.
Operating revenue rose to $3.16 billion from $2.96 billion a year earlier.Analysts polled by FactSet, on average, forecast earnings of $2.18 per share on revenue of $3.19 billion. Visa shares fell 1.2 per cent in after-market trading.
