Creditnet News Story
Second quarter sees 19 percent increase in Visa's net revenue
Friday, April 30, 2010
By Thomas Astery
Net revenue for Visa Inc. totaled $2 billion during the second quarter, a 19 percent rise over the same time in 2009.
Visa Inc. recently announced it posted a gain in revenue growth during the second quarter.
The company's net revenue during that time was $2 billion, a 19 percent increase over the second quarter of 2009. Under the terms of generally accepted accounting procedures, net income for 2010's second quarter was $713 million.
Increases in revenue were spread across a number of categories, while data processing and international transactions posted notable gains.
"Visa delivered strong financial performance during our fiscal second quarter and we remain confident in delivering our guidance for fiscal year 2010," said Joseph Saunders, chairman and chief executive officer of Visa Inc. "Our performance was fueled by higher than expected payments volume growth."
The news from Visa comes as a number of other credit card companies posted gains of their own. For example, American Express reported a net income of $885 million during the first quarter of this year. Capital One Financial Corporation saw a net income of $636.3 million during that same time.
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