Visa profits rise 51 percent as consumers spend more
Thursday, 28 October 2010, 18:51 IST
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San Francisco: Visa, the world's largest consumer payments network, has reported a 51 percent rise in fourth-quarter profits compared to the same period last year. The rebound was an indication that the worst of the economic crisis might be over, as people swiped their plastic more often than in the troubled year before. Visa collects a fee with every sale, generating $774 million in profits in the recent quarter. Revenues were up 13 percent to $2.1 billion. Foreign sales flourished as private travellers hit the road more often and firms sent their employees on more business trips. Visa head Joseph Saunders was satisfied with the results and said the company would likely spend another 1 billion dollars buying back stock, after spending a similar sum earlier this year to raise stock values.
Source: IANS
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