Visa Inc (NYSE:V) released its 3rd quarter earnings report to its stockholders today, announcing that overall they finished strong. The company posted a net loss of $1.8 billion, which includes litigation totally in $4.1 billion. Visa Inc (NYSE:V) announced that the quarterly net income came to $1.1 billion, or $1.56 per share. These numbers are looked upon with great positivity by the company’s upper echelon of staff.
Joseph Saunders, chairman and CEO of Visa, said: “Visa once again reported solid growth in payments volume, cross border transactions and processed transactions outside the U.S., executing our strategy of growing the electronification of payments worldwide.” He went on to say that they were able to come to an agreement regarding the litigiation against Visa by the merchants, and that they would stay focused on launching new payment solutions and products for customers and merchants alike.
Visa has topped analysts estimates twice this year now, and this time it was by 11 cents per share. The popular prediction was around $1.45 per share, according to Reuters.
Visa Inc (NYSE:V) came to an agreement, along with Mastercard Inc (NYSE:MA) , who is their top rival, and banks that issue credit cards, regarding the swipe fee litigation brought against them by merchants. Visa’s share of that settlement totaled a whopping $4.4 billion while Mastercard and the banks also took a beating. The total amount on the settlement was $7.25 billion.
In addition to following through with an impressive quarter, Visa announce that they have authorized a new class A share repurchase program. The total amount in the program is approximately $1 billion, and it will run through July of next year.
At the time of this writing, Visa shares are up approximately 1% in after hours trading.