Visa Reports Quarterly Earnings Growth
Date: 7/29/2010
Consumers are apparently breaking out their credit cards again, judging from the latest quarterly earnings report from Visa.

According to the credit card giant, quarterly net income was $716 million, or $0.97 per diluted class A common share. Revenue growth was said to be 23 percent over the previous year, with considerable help from categories like data processing and international transactions.

Another detail cited was a 14 percent year-over-year increase in payments volume, which stood at $803 billion for the most recent quarter.

"As we look to the remainder of our fiscal 2010 year, we remain focused on integrating our recent acquisition of CyberSource, maintaining strong financial performance and expense control discipline," said Visa CEO Joseph Saunders.

Looking ahead, it will be important to see which way the nation's consumer credit debt goes in the coming months. Federal Reserve data indicates that the nation's combined revolving debt has fallen considerably month after month in the past couple of years. This has been due to factors like the difficulty faced by many in opening new lines of credit, as well as a general reluctance to spend among consumers.