Visa Inc. said its adjusted third-quarter profits rose by nearly double digits, as the global payments company continues to benefit from the broad shift by consumers to using credit and debit cards instead of cash.
The company said Tuesday that it earned a profit of $4.2 billion, or $2 a share, in its fiscal third quarter compared with a profit of $3.4 billion, or $1.60 a share, in the same period a year earlier. Last year's results included a $456 million legal expense. Excluding that one-time cost, Visa's adjusted profits rose 7% from a year earlier.
Visa said its payments volume rose 9% from a year earlier, while the number of processed transactions on Visa's network increased 10% from a year earlier. Visa gets a fee from merchants and businesses who use its payment network to process transactions, so Visa's profits rise and fall with the global economy as well as customers choosing to use a Visa debit or credit card over its competition or cash.
Roughly $3.799 trillion was processed on Visa's network last quarter, with the biggest growth coming from Central and Eastern Europe, the Middle East and Latin America. In the U.S., which accounts for roughly half of Visa's global payments volume, the number of payments rose 4.9%.
After the 2021 boom, IPO activity slowed down significantly, in part due to monetary policy – but things are getting moving again with tech-friendly companies like Iboutta and Rubrik making a public debut.
With an increasing demand for mental health services, one person wanted to change the therapy game. In 2017, CEO Alex Katz founded Two Chairs, a company that uses technology to match patients with the right therapist.
Not only is April Financial Literacy Month, it’s also the kickoff of the spring homebuying season. So now is the time to make sure you have a financial plan in place – and why it might not be wise for that to include buying your first home.
While the U.S. may slowly be on the path to lowering inflation (and therefore interest rates), Europe has thoroughly trounced America, putting it on the path to lower rates by this summer.
April's release of the monthly Housing Starts and Building Permits reports by the Census Bureau provides crucial insights into the construction activity in the housing market. These reports are an economic indicator, shedding light on the current state of the housing market and its broader economic impact.
Caitlin Clark is heading to the Indiana Fever, the number one draft pick and the highest-scoring college basketball player of all time. And while she may not be getting millions from the WNBA, there's a few ways she'll net compensation for her generational talents.
Author of 'Clean Meat,' Paul Shapiro joins Cheddar to discuss how the cellular agricultural revolution helps lower rates of foodborne illness and greatly improves environmental sustainability. Plus, how his company The Better Meat Co. is bringing healthier food options to the table.
Recent headlines might make it sound like World War III is imminent, but when it comes to your finances, it's not the time to panic. The market is coming off its longest winning streak since 2011.
