Visa profit slips

 

visa,online shopping, credit card,eftposVisa Inc.’s fourth quarter profit fell 28 per cent as it set aside more money for taxes.

The world’s largest processor of debit and credit card payments says payments on its system rose 13 per cent to $US1.1 trillion for the quarter.

Net income fell 28 per cent to $US1.19 billion, or $US1.86 per share, for the three months ended September 30, from $US1.66 billion, or $US2.48 per share, last year.

The results topped analysts’ expectations by a penny, according to FactSet.

Revenue rose almost nine per cent to $US2.97 billion, a little less than the $US3.02 billion analysts expected.

The company set aside $US574 million for taxes.

Shares of Visa, based in Foster City, California, fell 42 cents to close at $US203.82 on Wednesday. They dropped another $US4.56, or 2.7 per cent, to $US199.26 after hours.

AP

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.