Visa Bests Q2 Estimates As Card Spend Rises

California-based electronic payments network provider Visa announced net income of $1.2 billion in its second-quarter earnings report released on July 24, an SEC filing for the company indicated.

The company’s revenue for the second quarter was $3 billion, above the $2.9 billion analysts had expected.

Worlwide spending on Visa cards rose 13 percent to $1.09 trillion, and processed transactions rose 14 percent to 15 billion, as Bloomberg notes

In the U.S., debit card purchases grew 12 percent to $300 billion, while credit card spending jumped 10 percent to $270 billion. 

Visa indicated that its net income was up 16 percent year-over-year, and showed diluted earnings per share of $1.88 over the three-month period. Visa earned $1.8 billion before income tax.

“Visa delivered solid financial performance during our fiscal third quarter and we remain confident in delivering our guidance for fiscal year 2013,” Charlie Scharf, Visa’s CEO, said in a statement.

For more details, view the full filing here.

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