Visa Inc. announced a profit rise 33 percent in the fiscal first-quarter on increased revenue on Wednesday. The statistics come as a surprise given the number released on reduced consumer spending.
Visa revealed its net income of $763 million, or $1.02 per share, compared with $574 million, or 74 cents per share this time last year.
Revenue growth was consistent across all segments, spiking 13 percent to $1.96 billion from $1.74 billion in 2009. The improvements were the result of significant growth in revenue categories across the board, specifically data processing and international transaction revenues.
The profits exceeded analyst expectations of 91 cents per share on revenue of $1.92 billion.
Visa is optimistic that this kind of growth will continue forecasting 2010 revenue growth somewhere in the vicinity of 11 percent and 15 percent with earnings growth beyond 20 percent per share. The reports led Visa shares upward $1.42 to $84.94 in after hours trading.
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