Penny Stock Pick Report is pleased to alert investors of stocks on the move. Sign Up for our Stock Newsletter
Visa Inc. (NYSE: V) reported Wednesday that the company earned a 73 percent increase in second quarter profits as customers ditch cash for credit, charge and debit cards.
Visa, the world’s biggest electronic payment network, reported its net income climbed to $729 million, or 97 cents a share, in the three months ended June 30, from $422 million, or 51 cents, a year earlier.
Adjusted income of 67 cents a share, which excludes unusual gains and losses, beat the 65-cent average estimate of 24 analysts surveyed by Bloomberg. Revenue rose less than analysts predicted, and the stock rose 48 cents to $66.78 at the close of New York Stock Exchange trading on Wednesday.
Net operating revenue rose 2 percent to $1.6 billion, while adjusted operating expenses fell 9 percent and total operating expenses dropped 15 percent, Visa said.
Debit grew to 48 percent of combined card use last year for Visa and MasterCard, compared with 22 percent in 1999, according to a study by The Tower Group Inc.
Visa said in April that its
Visa released results two days after Chairman Joseph Saunders, 63, made a significant change the company’s management, with John “Hans” Morris, 50, stepping down as president to take a different role with the company until he leaves at the end of this year.
Sign Up for Penny Stock Pick Report’s Free Small Cap Newsletter. To subscribe please enter your email address in the frame at the bottom of this page or visit us at our website.
Subscribe at the bottom of this page.
About Us
Penny Stock Pick Report is a leading stock web site that provides free stock alerts on stocks that are poised to make big gains. We also track small cap companies that could be on the brink of a massive breakout. To feature a company on our web site please contact us at the email listed below.
Penny Stock Pick Report is an independent electronic publication that provides information on selected publicly traded companies. This publication is not a registered investment advisor or broker-dealer. Our affiliates, officers, directors and employees may buy and sell additional shares in any company mentioned herein and may profit in the event those shares rise in value. Please do your own Due Diligence before investing in any of the stocks mentioned above. View our full disclaimer.
