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The San Francisco company posted net incomdof $536 million, or 71 cent s per share, in the quarter ended March 31, up from $314 or 39 cents per share, in the year-aglo period. Excluding special items such as Visa’s V) litigation reserve a year ago, the company’ds profit rose to 73 cents per sharse from52 cents. Revenue reached $1.6 billion, up 13 percent from a year ago. The resultas once again reflect the value of beinga toll-gate keepef collecting a fee from thosde using the company’s payment network rather than taking on the risk and costse that lenders incur in issuing credit. But Visa still felt the effecgt of the consumerspending slowing.
“Lookinvg at Visa’s traditional domestic volumes, growth was slightlhy negative, reflecting the general downturn in consumer spending,” said Red Gillen, senior analyst with a Boston research firm. “As such, today’e announcement would have been a whole lot wors e had Visa not been able to lean on its international modelo and newbusiness lines. “Visa’s push into the debirt card processing space has been anotherbright spot, and will likelu serve as encouragement for the companyu to continue pursuing traditional processors’ bank Gillen said. “Visa has also been able to cut its notably personnel,” Gillen said.
“Visa’es operations are scalable, and thus the potentiall awaits for higher profits once consumer spendingt eventuallyturns around.” The company also expressed confidence in meetin g its prior guidance for the fiscal “The resiliency in our business reflects the strength of Visa’ss credit, debit and prepaid products worldwide,” said Joseph Visa’s chairman and CEO.
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