Visa 4Q profits up 6%, helped by more spending on network

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NEW YORK (AP) — Visa is reporting that its fiscal fourth-quarter profits rose by 6% from a year ago, helped by the steady rise of payments being processed over the company’s namesake network.
The San Francisco-based company said it earned $3.03 billion, or $1.34 per share, compared with a profit $2.85 billion, or $1.23 per share, in the same period a year earlier. Excluding one-time items including some legal expenses, Visa earned $1.47 a share, 4 cents more than what analysts were looking for.
Consumers and businesses spent $2.267 trillion on Visa’s network last quarter, up roughly 9% from a year earlier. Visa earns a small fee for every transaction on its network.