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04/02/2011 -
Visa Incorporated, one of the leading payment processing networks, recently announced its results for the first quarter of 2011, which ended on December 31, 2010.The company's net operating revenue reached $2.2 billion, representing a 14 percent increase over the previous fiscal year.
"Visa's first quarter was a great start to our fiscal 2011 as evidenced by strong earnings fueled by continued growth in payments volume, cross border volume and processed transactions globally - our core business," said Joseph Saunders, chairman and chief executive officer of Visa.
Saunders added that the company is planning aggressive investments in ecommerce, mobile payments, money transfers and other new technology platforms.
The company had a 15 percent increase in transactions processed by VisaNet from the prior year, for a total volume of 13 billion. Additionally, double digit growth occurred in cross-border volume growth and payments volume growth, which increased 15 percent and 14 percent respectively over the previous quarter.
Zacks reports that Visa repurchased about 15.3 million shares of stock at an average price of $72.08, for a total of $1.1 billion.
