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.