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July 26, 2018

Visa net income rises 13% to $2.3bn in Q3

Visa has reported a net income of $2.3bn, or $1 per share, for the third quarter of fiscal year 2018, an increase of 13% compared to $2.1bn, or $0.86 per share, reported a year ago.

Net operating revenue for the quarter ended 30 June 2018 was $5.2bn, an increase of 15% from $4.6bn in the same period last year.

The company attributed the rise in revenue to continued growth in payments and cross-border volume, and processed transactions.

Visa noted that exchange rate shifts versus the previous year positively affected reported net operating revenues growth by nearly 1.5 percentage points.

On a constant dollar basis, payments volume growth for the third quarter was 11%, while cross-border volume growth was 10%.

Total processed transactions by the company were 31.7 billion, a rise of 12% compared to last year. Total operating expenses soared 53% year-on-year to $2.4bn.

Visa CEO Alfred Kelly said: “Our third quarter results reflect continued strength across all of our key business drivers and healthy economic fundamentals across the world.

“During the quarter, we made notable progress against our key strategic initiatives, particularly new Visa Direct and B2B partnerships. This progress furthers our confidence in the long-term investments we are making to drive profitable, sustainable growth in the rapidly changing payments environment.”

 

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