Despite the 23% increase in the Company’s profit, Visa Incorporation, the largest global payment technology in the world, did not manage to sustain the net income of this fiscal year’s third-quarter, which ended on the 30th of June, with the shares dropping down by 1.8%.
On Wednesday, the electronic payment network reported that the economic status of the global economy is back on its feet increasing the shares of Visa all around the world.
Although the users’ spending on different Visa cards increased by 14% from last year’s ratings, Visa’s 2010 profits dropped to $716 million, in comparison to the $729 million profit value reported in 2009. The June rise was partially attributed to the increase in the number of consumers travelling and to the number of users utilizing their debit and credit cards after a long period since the economic collapse.
The experts did not expect the rapid rise in revenue, estimating the Visa’s share value to reach 93 cents. However, Visa reported 97 cents a share in the stock market.
Visa’s executives assured the investors that the Company’s value in the market is stable and still as promising. Byron Pollitt, Chief Financial Officer, added, “Overall, our view is that we are in recovery. What we're seeing on balance suggests a lower probability of a double dip than what we might have suspected a quarter ago”.