News Summary: Visa posts lower 2Q net income

News Summary: Visa's fiscal 2Q card use rises worldwide, but net income slips

Associated Press

LOWER PROFIT: Visa's net income fell nearly 2 percent in the January-March quarter from the same period last year, when the payments processing company benefited from an adjustment to its income tax provision.

THE NUMBERS: Visa Inc. reported net income of $1.27 billion, or $1.92 per share, compared with net income of $1.29 billion, or $1.91 per share, a year earlier. Revenue rose nearly 15 percent to $2.96 billion.

CARD USAGE: Transactions processed over Visa's network totaled $13.9 billion, an increase of 6 percent from a year earlier. The U.S. accounted for a 3 percent gain; international transactions climbed 21 percent.

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