Visa profit rises 30 percent as card use rises

By PALLAVI GOGOI, Associated Press

NEW YORK (AP) — Visa says its profit for the first three months of the year was up 30 percent from the year before. Card use rose in the U.S. and overseas.

The company reported net income in the latest quarter of $1.3 billion, or $1.60 per share. Wall Street was expecting $1.51. Revenue rose 15 percent to $2.6 billion. Wall Street was expecting $2.48 billion.

Visa stock is up 3.2 percent to $126 in after-hours trading.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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