Visa, operator of the world's largest payment system, increased its net profit by 18% in the 1st fiscal quarter. Earnings were $2.977 billion, or $1.3 per share versus $2.522 billion or $1.07 per share over the earnings period last year. Visa increased revenues by 13% from 4.86 billion to more than $5.5 billion. Analysts had predicted revenue in the amount of $5.14 billion and earnings per share in the amount of $1.25. The company increased its operating expenses by 17% to $1.8 billion. At the end of the quarter, Visa handled 11% more transactions than last year and 7% more cross-border payments. This year, Visa expects revenue growth of 10%.
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