Visa (V) posted higher quarterly profit than analysts estimated amid growth in card spending, partly due to accounts added with the acquisition of its former European division.
The San Francisco-based company’s adjusted earnings of 78 cents a share for the three months through September, its fiscal fourth quarter, compared with the 73-cent average of analysts’ estimates in a FactSet survey.
Net income, including one-time charges related to the company’s purchase of Visa Europe and severance packages, increased 28% to $1.9 billion. Payment volume climbed 47% to $1.9 trillion.
