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Visa’s Profits Surge on Revenue Growth

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Visa Inc. announced adjusted quarterly net income of $1 billion on Wednesday, up nearly 14% from the same period last year, as revenues grew by 15%.

The Foster City, Calif., company said that its diluted class A common earnings per share was $1.54, excluding a special item related tax reserves that increased net income by $627 million. The results beat consensus estimates of analysts by a four cents, according to Bloomberg.

Visa’s earnings were announced after the stock market closed.

The card network also announced Wednesday that its full-year adjusted net income was $4.2 billion, or $6.20 per diluted class A common share, for the fiscal year that ended Sept. 30.

“Visa delivered strong financial performance for the fourth quarter and full year, a result of our focus on growing our core business, accelerating expansion of our business outside the U.S and investing in next-generation technologies that will define the future of payments," Joseph Saunders, Visa’s outgoing chief executive officer, said in a press release.

Visa announced earlier this month that Saunders will be succeeded on Nov. 1 by Charles Scharf, a former Visa board member and longtime executive at JPMorgan Chase (JPM).

Also Wednesday, Visa said that it has authorized a $1.5 billion class A share repurchase program, to be in place through October 2013.

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