Visa Reports Positive
Visa, the world's largest payments network operator, on Thursday reported a better-than-expected quarterly profit and raised its annual earnings forecast, as more people across the United States and Europe used its payments network.
The good news for restaurants is that Visa, which generates revenue by facilitating credit and debit-card transactions, has benefited from increased consumer spending in the United States as well as results from Visa Europe, which it bought last June for about $23 billion.
Payments volume growth increased to 38 percent to $1.9 trillion from the year-earlier quarter. CEO Alfred Kelly said on a conference call following the earnings release that volume was "solid" across all five regions covered, but growth was "particularly strong" in India, the U.S., Russia, Mexico and Australia.
"As you know, our largest presence by quite a large measures in the U.K. has held up well," Kelly said, citing benefits from the lower value of the pound driving lots of traffic into the country.
The company attributed the increase to the inclusion of Europe, growth in payments volume, cross-border volume and processed transactions.
San Francisco-based Visa also raised its forecast for full-year earnings and revenue. The company said it now expects annual adjusted earnings per share to grow about 20 percent, up from an earlier expectation of growth in the mid-teen percentage digits.
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