Visa 3Q profit increases 11 percent

IndustriesAssociated Press

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

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.

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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.