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Visa posts 4Q profit on debit card use, cost cuts

Visa posts 4Q profit on debit card use, cost cuts

Visa says it turned a profit in its fiscal fourth quarter, as cost cutting and growing debit-card use made up for a decline in payment volume reflecting consumers' spending cutbacks.
The payments processor posted profit of $514 million, or 69 cents per share, on revenue of $1.87 billion. Adjusted profit was 74 cents per share.
Visa's results reflect a growing reliance on debit cards, while banks report higher credit card payment defaults as unemployment persists.
The company, based in San Francisco, also says it will buy back up to $1 billion of its stock.


Updated : 2021-10-22 11:20 GMT+08:00