Visa has posted adjusted net income of $1.6bn or $0.69 per share for the third quarter of fiscal year 2016, a decrease of 10% over the prior year’s adjusted results.
Net income for the quarter, inclusive of special items related to the acquisition of Visa Europe, was $412m, a decrease of 76% over the prior year’s results, primarily due to the impact of the Visa Europe-related special items. The company did not include Visa Europe’s financial results from 21 June 2016 through 30 June 2016.
Net operating revenue for the quarter ended 30 June 2016 was $3.63bn, a rise of 3% compared with $3.52bn in the corresponding quarter of 2015.
Payments volume growth, on a constant dollar basis, for the three months ended 30 June 2016, was 10% over the prior year at $1.3 trillion. Cross-border volume growth, on a constant dollar basis, was 5%.
Total processed transactions, which represent transactions processed by VisaNet, were 19.8 billion, a jump of 10% over the year ago period.
Visa CEO Charlie Scharf said: “Looking ahead, we expect next quarter results to improve modestly, similar to first-half of the year results. As we look toward fiscal full-year 2017, our underlying business is strong, and with the lapping effect of several items, based on what we know today and assuming similar consumer spending patterns, we feel good about our ability to produce stronger revenue and earnings growth.”