Visa (V) posted higher quarterly profit than analysts estimated amid increased card spending and gains from its newly purchased European division.
The San Francisco-based company’s adjusted earnings of 86 cents a share for the three months through December, its fiscal first quarter, compared with the 78-cent average of analysts’ estimates in a FactSet survey.
“Visa’s fiscal 2017 is off to a terrific start with a strong first quarter of revenue and earnings growth driven by accelerating growth in payments volume, cross-border commerce and processed transactions in virtually all regions around the world,” CEO Alfred Kelly, who succeeded Charlie Scharf, said in a statement.
