The payment service giant earned US$1.7 billion US after payments to preferred shareholders, compared to earnings of US$ 1.36 billion for the same quarter in 2014. Earnings per share were 69 cents, compared to 54 cents US a year earlier, easily beating analyst expectations of 58 cents a share, as compiled by FactSet.
Visa processed some US$1.2 trillion in payments during the quarter, 11% more than in Q2 of 2014. Visa earns a small percentage of each transaction processed through its network. Net revenue reached US$3.52 billion compared to US$3.15 billion year over year.
Separately, Visa, which is one of FIFA’s most visible and largest sponsors on Thursday urged the formation of an independent committee deal with corruption within international soccer/football’s supreme governing body.
"We consider the management of our company, our brand and our customers with the utmost importance and we try to conform ourselves to the highest standards and work with those who think and act like us," said Visa’s CEO, Charlie Scharf, during a conference call following the release of earnings yesterday.
Scharf warned that he found FIFA’s response to the scandal related to anything from bribes to match fixing, “is quite inadequate and continues to prove that it is not aware of the importance of the changes needed," he said.
Visa, along with other major companies exposed to FIFA risk, has called for the creation of an independent commission of inquiry.