Shares of Visa (V) rose almost 4% in Thursday's trading session. The global payment and technology company reported a decent set of fourth quarter results. Both Visa and competitor MasterCard (MA) are benefiting from an increased adoption of card payments by consumers across the globe.
Fourth Quarter Results
Visa reported third quarter revenues of $2.73 billion, up 14.6% on the year. The effects of a strong dollar shaved off 1% of total revenues.
Visa reported operating income of $1.52 billion, up 11.7% on the year. Net income rose 88.9% to $1.66 billion, or $2.48 per diluted share. The company reported a special benefit of $627 million related to its tax reserves. Adjusted net income came in at $1.0 billion, or $1.54 per diluted share. On average, analysts expected Visa to report adjusted earnings of $1.50 per share.
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