Visa posts jump in quarterly profit, increases dividend

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Visa says its fiscal fourth quarter profits rose, helped once again by higher usage of its global namesake payment network. The San Francisco-based company said it earned a profit of $3.94 billion. Excluding one-time charges, the company earned $4.09 billion — up 16% from the same period a year ago. That amounted to $1.93 a share., which topped the $1.87 a share analysts were expecting. Since the pandemic, there’s been a global move to use electronic payments for more routine purchases, such as groceries. The company also increased its dividend by 20% and authorized a $12 billion stock buyback program.