Visa’s quarterly results exceeded forecasts, the company will redeem shares by $5 billion
American Visa Inc., the operator of the world’s largest payment system, reduced net profit in the second fiscal quarter by 75% due to costs associated with the reorganization of its European business.
However, profit excluding one-off factors and revenues of the company have surpassed forecasts of experts.
As reported in a press release, Visa, the net profit in January-March 2017 amounted to $430 million, or $0,18 per share, class “A”, compared to $1.71 billion, or $0,71 per share, for the same period in the previous Vigoda.
“In the second finkvartal Visa completed a reorganization of the legal structure of Visa Europe and some other departments”, – stated in the message of the company.
Excluding reorganization costs, reached in the last quarter of $1.7 billion, profit for the Visa was $0,86 per share.
Revenue jumped 23% to $4.48 billion
Experts surveyed by Thomson Reuters on average had forecast adjusted profit of Visa at $0,79 per share on revenue of $4.3 billion
The volume of payments on Visa cards in the last quarter increased by 37% to $1.7 trillion. The volume of cross-border payments have soared by 132% in comparison with January-March 2016, or 11%, if you add the results of Visa Europe to Visa results for the second quarter of last vingada.
Just last quarter, the company processed 26.3 billion card transactions – 42% more than the previous year (12% based on the results of Visa Europe).
In January-March, Visa repurchased 19.1 million shares of class “A” amounting to $1.7 billion, the company’s Board of Directors approved a new stock repurchase program worth $5 billion, and taking into account the funds remaining unspent in the previous program, allocated $7.2 billion.
Visa Inc. – global payment system providing access to the electronic payment network for cardholders, merchants, financial and governmental institutions in more than 200 countries.