NEW YORK (AP) — Payment processing giant Visa is reporting a sharp jump in its fiscal second-quarter profits from a year earlier, as more shoppers spent money on Visa's network across all its major markets.
The San Francisco-based company said it earned $2.61 billion in the period ending March 30, or $1.11 a share. The company's net income rose by 26 percent when a one-time charge tied to the purchase of Visa Europe is excluded from the year-ago results.
Visa's profit beat the expectations of analysts, who forecast earnings of $1.01 a share.
The amount of money spent across Visa's network rose by 11 percent to $2.716 trillion. Visa earns a small fee from each transaction run on its network.
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