Visa Inc. (NYSE: V) announced Wednesday that fiscal second quarter earnings jumped 33 percent as revenue pushed higher on gains in transaction volumes. The credit card company said it earned $713 million or 96 cents a share in the quarter ended March 31, up from $536 million or 71 cents a share in the same period a year earlier.
Revenue rose in the period to $1.96 billion from $1.65 billion in the prior year. The results topped analyst estimate for earnings of 91 cents a share on revenue of $1.93 billion.
Increased usage of debit cards helped fuel revenue growth. Debit card transaction volume jumped 19 percent in the U.S. during the quarter, while foreign use rose 20 percent.
“Visa delivered strong financial performance during our fiscal second quarter and we remain confident in delivering our guidance for fiscal year 2010,” said Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc. “Our performance was fueled by higher than expected payments volume growth.”
The company continued to make moves that help expand its network and card processing abilities. During the quarter Visa agreed to acquire CyberSource Corp., an electronic payment merchant for $2 billion.
“Visa’s long term strategic goals and our ability to drive the migration to Visa products and services are based on our history of innovation and market responsiveness,” added Saunders. “Our pending acquisition of CyberSource is the most recent example of the Company responding to market opportunities to fuel future growth.
Visa said it expects full-year revenue to reach the high end of the 11 to 15 percent growth it originally forecasted.
