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Visa Inc. (NYSE:V) stated that on Wednesday its profit rose 33 percent in the fiscal first-quarter on increased revenue. The payment processing giant reported net income of $763 million, or $1.02 per share, compared with $574 million, or 74 cents per share a year ago.
Revenue growth was strong in all divisions, leaping 13 percent to $1.96 billion from $1.74 billion a year ago, driven by forceful growth in all revenue categories, particularly data processing revenues and international transaction revenues.
The company said beginning this year; it was changing its reporting system to reflect payment volume in the current quarter. Previously, the company reported for the previous three months -- a one quarter lag time. Service revenues will continue to be recognized based on payments volume in the prior quarter. Visa also said it expects 2010 revenue growth between 11 percent and 15 percent and earnings per share growth above 20 percent. Visa shares gained $1.42 to $84.94 in aftermarket trading, after adding 49 cents to close at $83.52 before the company's release.
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