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Visa reports strong second quarter

Visa, the largest retail electronic payments processing network, recently released its fiscal report for the second quarter this year and found a 47 percent surge in customer spending with credit and debit cards.

For the three months ending March 31, net income reached $1.29 billion, or $1.91 per share, which is up from the $881 million, or $1.23 per share, recorded a year earlier.

“Our strong financial performance this quarter was fueled by continued growth of U.S. credit products, strong cross-border spending and expansion of Visa’s core business in international markets,” said Chairman and CEO Joseph Saunders. “Visa’s business continues to expand at a healthy pace.”

The strong report from Visa will likely be reflected in the stock market. According to bloomberg, U.S. stocks fell on May 2, keeping the Dow Jones Industrial Average down after it reached its highest level since 2007. The drop was attributed to a less than optimistic jobs report and economists projecting an increase in unemployment in the Euro zone.

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