Visa 3Q profit increases 11 percent

Industries Associated Press

Visa Inc. on Thursday reported net income that climbed by 11 percent in its fiscal third quarter, and topped analysts' expectations.

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The San Francisco-based company said profit increased to $1.36 billion, or $2.17 per share, from $1.23 billion, or $1.88 per share, in the same quarter a year earlier. The average per-share estimate of analysts surveyed by Zacks Investment Research was for earnings of $2.09.

The company said revenue rose 5.1 percent to $3.16 billion from $3 billion in the same quarter a year earlier. The results matched Wall Street forecasts.

Visa shares declined 3.7 percent, or $8.23, to $214.51 in after-hours trading.

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