New York, May 3 (FinanceEnquiry.com) – On Wednesday, Visa Inc (NYSE : V), the world’s largest credit and debit-card network, reported a 23 percent jump in its adjusted earnings. The result beat analysts expectations as consumers spent more with cards.
Q2 profit reached $1.08 billion, or $1.60 a share, a hike of 23 percent from the previous year. It came above analysts’ expectations of $1.51 a share. Net income, excluding tax liability adjustment, for the period stood at $1.29 billion, or $1.91 a share. This is a major improvement over $811 million, or $1.23 a share in the same period, a year earlier.
The company also raised its full year EPS guidance, notwithstanding US government anti-trust investigators’ query as to how the company is dealing with new federal limits regarding the debit cards transaction fees. Major debit card companies have been at loggerheads with retailers, who have accused them of charging high fees for handling transactions.
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