Visa’s profits jump as credit, debit card spending recovers

NEW YORK (AP) — Profits at payments giant Visa Inc. jumped in its most-recent quarter, driven by consumers and businesses getting back to spending on their credit and debit cards after the pandemic. The San Francisco-based company said Tuesday that it earned $3.58 billion in its fiscal fourth quarter that ended Sept. 30, or $1.65 a share. That’s was up from a profit of $2.14 billion, or 97 cents per share, in the same period a year earlier. Excluding one-time adjustments, Visa earned $1.62 a share, up 42% from a year earlier. According to FactSet, analysts had been expected $1.55 a share.