Visa's 2Q profit jumps 26 pct as payments grow

Payments volume growth, tax benefit contribute to 26 percent rise in Visa's fiscal 2Q profit

Associated Press
Visa's 2Q profit jumps 26 pct. as payments grow
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FILE - In this April 25, 2013 file photo, credit and debit cards are displayed for a photographer in Baltimore. Visa Inc. reports quarterly earnings on Thursday, April 24, 2014. (AP Photo/Patrick Semansky, File)

Visa Inc.'s profit jumped 26 percent 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 percent in after-market trading.

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