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Visa beats Street 2Q forecasts

SAN FRANCISCO, Costa Rica – SAN FRANCISCO (AP) _ Visa Inc. (V) on Thursday reported fiscal second-quarter profit of $1.71 billion.

On a per-share basis, the San Francisco-based company said it had net income of 71 cents. Earnings, adjusted for non-recurring gains, were 68 cents per share.

The results exceeded Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share.

The global payments processor posted revenue of $3.63 billion in the period, also beating Street forecasts. Twelve analysts surveyed by Zacks expected $3.57 billion.

Visa shares have climbed slightly more than 4 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 2 per cent. In the final minutes of trading on Thursday, shares hit $80.85, a climb of 24 per cent in the last 12 months.

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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 http://www.zacks.com/ap/V

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Keywords: Visa, Earnings Report, Priority Earnings