Visa 2Q profits rise 14% on rising credit, debit card usage

Payment processing giant Visa says its second-quarter profits jumped 14% from a year earlier on an adjusted basis, as the company continues to benefit from a global rise in credit card and debit card usage. The San Francisco-based company said it earned a profit of $4.38 billion, or $2.09 a share, excluding one-time charges related partially to the Russia-Ukraine war and other accounting adjustments. That compared to an adjusted profit of $3.83 billion, or $1.79 a share, from a year earlier. The result beat analysts’ forecasts. The company processed $2.955 trillion in transactions on its payment network last quarter, up 10% from a year earlier.