Visa's fiscal 1Q net income jumps 25 pct.

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Associated Press

Posted on February 6, 2013 at 3:00 PM

Updated Wednesday, Feb 6 at 3:02 PM

LOS ANGELES (AP) — Visa says its profit jumped 25 percent in the last three months of 2012 as consumers racked up more credit card debt and used their debit cards more often.

The payments processing company also expanded a program to buy back its stock.

Visa says that its fiscal first-quarter net income totaled $1.3 billion, or $1.93 per share, in the three months ended Dec. 31. That compares with net income of $1.03 billion, or $1.49 per share, a year earlier.

Revenue rose nearly 12 percent to $2.85 billion.

Analysts polled by FactSet had forecast earnings of $1.79 per share on revenue of $2.82 billion.

Visa makes money by processing card transactions. Its results provide insight into how much consumers are spending.

Shares slipped 82 cents to $160 in after-hours trading.

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