Visa Reports Steep Drop in Profits


Visa Inc <V.N>, the world's largest payments network operator, reported a steep drop in quarterly profit, hurt by costs related to the acquisition of Visa Europe, and said it would buy back Class A shares worth $5 billion.

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The company's net income fell to $412 million, or 17 cents per Class A share, in the three months ended June 30 from $1.69 billion, or 69 cents per Class A share, a year earlier.

Excluding costs related to Visa Europe, the company reported an adjusted profit of $1.6 billion, or 69 cents per share.

(Reporting by Nikhil Subba in Bengaluru; Editing by Anil D'Silva)