Visa reports 11 percent rise in fiscal 1Q profit; announces 4-for-1 stock split

MarketsAssociated Press

Visa is reporting an 11 percent rise in fiscal first-quarter profits, helped by increased consumer spending on Visa's massive payment network.

The credit and debit card processor said Thursday it earned $1.57 billion, or $2.53 per share. That compares with a profit of $1.41 billion, or $2.20 a share, in the same period a year ago.

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Visa said it processed $1.2 trillion in payments on its network in the latest quarter, up 11 percent compared to a year ago.

Revenue was $3.38 billion, compared with $3.16 billion a year ago.

Analysts surveyed by FactSet expected Visa to earn $2.49 a share on $3.34 billion in sales.

Visa also announced a 4-for-1 stock split, effective March 19.

Shares of Visa rose 4 percent in after-market trading to $259.03.