SAN FRANCISCO (AP) — Visa's profit jumped 11 percent in the fourth quarter on rising payment volumes with its acquisition of Visa Europe.
Volume rose 9.8 percent compared with the same period last year, the company said Wednesday, to $1.93 billion.
The profit for the final quarter of the year rose to $2.14 billion, from $1.93 billion..
On a per-share basis, the San Francisco company had a profit of 90 cents, beating Wall Street expectations by 5 cents per share, according to a survey by Zacks Investment Research. The company's stock jumped 2 percent before the opening bell Wednesday.
"Visa ended our fiscal year as we began, with strong growth across payments volume, cross-border volume and processed transactions, which was bolstered by the addition of Visa Europe," said CEO Alfred Kelly, Jr. "We're very pleased with our progress in Europe and will continue to make strategic investments that will further strengthen our franchise there and globally."
Profits for the year rose 12 percent, to $6.7 billion.
The global payments processor posted revenue of $4.86 billion in the quarter, which also topped Wall Street expectations of $4.62 billion.
Shares of Visa Inc. have risen 39 percent since the beginning of the year.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on V at https://www.zacks.com/ap/V