Visa Credits Debit Cards for Earnings Beat

Visa (V Quote) posted better-than-expected third-quarter earnings in its first full quarter as a public company, fueled by strong growth in its international credit and debit card businesses.

The San Francisco-based firm made $422 million, or 51 cents a share, compared with a pro forma profit of $299 million in the year-earlier period. Visa had its initial public offering in March. Prior to that the company was not required to report earnings according to GAAP rules.

On an adjusted basis, which reflects a normalized tax rate and excludes certain litigation, restructuring and purchase amortization, Visa made $457 million, or 59 cents a share. Revenue came in at $1.6 billion, led by expanding payment volumes and processed transactions, along with service and data-processing fees. ...