FILE- In this July 17, 2018, file photo, a customer buys gas with a Visa credit card in Salem, N.H. Visa Inc. reports earnings Tuesday, July 23, 2019. (AP Photo/Elise Amendola, File)

Visa Inc. 3Q profits rise 11%, beating expectations

July 23, 2019 - 5:26 pm

NEW YORK (AP) — Payment processor Visa Inc. is saying its fiscal third quarter profits rose by an adjusted 11% from a year earlier, as more consumers spent more on Visa credit and debit cards.

The San Francisco-based company reported a profit of $3.10 billion, up from $2.33 billion last year. The company had a one-time $600 million charge last year related to legal expenses.

On a per share basis, Visa earned $1.37 a share, which is more than $1.33 a share that analysts had been expecting.

Consumers and businesses spent $2.230 trillion on Visa's network last quarter, up 8.7% from 2018. Visa earns a small fee on each transaction run on its network.

Total revenue for Visa was $5.84 billion, up from $5.24 billion a year earlier.

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