Visa, the world's largest credit and debit card company, reported a 26 percent rise in quarterly profit as consumers spent more using cards on its network. Visa and rival Mastercard have been helped by increasing consumer spending in the United States and a shift to plastic payments in emerging markets. Net income attributable to the company rose to $1.60 billion, or $2.52 per Class A share, from $1.27 billion, or $1.92 per Class A share, a year earlier.
Visa Inc, the world's largest credit and debit card company, reported an 11 percent rise in quarterly profit as more people around the world used plastic instead of cash to make purchases. Net income rose to $1.36 billion, or $2.17 per Class A share, in the third quarter ended June 30 from $1.23 billion, or $1.88 per Class A share, a year earlier.
Russian Finance Minister Anton Siluanov said on Thursday he was confident a "reasonable solution" would be found for Visa and Mastercard after the credit and debit card companies complained about tightened regulations in Russia. Visa and Mastercard have stopped serving several Russian banks because of U.S. sanctions and Russia has obliged them to pay a security deposit of 25 percent of their average daily turnover in Russia to the central bank once a quarter from July 1 - a move that the U.S.
MasterCard shares are spiking after the company reported a double-digit rise in profits over the quarter. The credit card provider, the world's second-largest, said income rose 14 percent over the quarter, a result of customers increasingly relying on their cards to shop. However, even as consumer spending improves, the company warned of lower annual sales growth, partially due to tensions in Russia.
Before the bell Wednesday, analysts forecast that pharmaceutical company Merck & Co., Inc. (NYSE: MRK) will announce decreased profits with earnings per share down 20 percent from a year ago. Analysts surveyed by Thomson Reuters are projecting Merck to report earnings of 79 cents per share, down from 99 cents a year ago. Although the Zachs consensus estimate for Comcast Corporation (Nasdaq: CMCSA) has fallen from 50 cents to earnings of 49 cents a share, it's still an increase of almost 9 percen
Wal-Mart is suing Visa for $5 billion for allegedly conspiring with banks to illegally fix and inflate credit card processing fees. Wal-Mart said Visa's swipe fees not only violate antitrust regulations, but have cost U.S. retailers and shoppers more than $350 billion. Visa and MasterCard reached a settlement with retailers in July 2012 in which they agreed to pay up to more than $7 billion and lower their fees. However, Wal-Mart, as well as Target and Amazon, opted out of the settlement.
BlackRock, the world's largest money manager, said on Wednesday that its second-quarter profit rose 11 percent, boosted by strong markets that helped drive flows into its products across asset classes. The New York-based asset manager reported net income of $808 million, or $4.72 per share, up from $729 million, or $4.19 per share, a year earlier.
Chevron Corporation, the second-largest U.S. oil company, said on Friday its fourth-quarter profit dropped 32 percent as refining margins and production fell around the world. The company posted net income of $4.93 billion, or $2.57 per share, compared with $7.25 billion, or $3.70 per share, in the year-ago period. Oil and natural gas production fell 3.4 percent to 2.6 million barrels of oil equivalent per day in the quarter.
Wells Fargo & Co, the biggest U.S. mortgage lender, reported a 14 percent rise in first-quarter net profit as costs fell. The fourth-biggest U.S. bank said on Friday, net income applicable to common shareholders rose to $5.60 billion, or $1.05 per share, in the quarter ended March 31 from $4.93 billion, or 92 cents per share, a year earlier. According to Thomson Reuters I/B/E/S, analysts on average had expected Wells Fargo to earn 96 cents per share.
Coca-Cola Co reported a 3 percent fall in quarterly net profit due to restructuring of its juice operations in Russia and the separation of its Brazilian bottling operations last year.The company's net income attributable to shareholders fell to $2.60 billion, or 58 cents per share, in the second quarter ended June 27, from $2.68 billion, or 59 cents per share, a year earlier.Excluding items, the maker of Sprite, Minute Maid and Powerade earned 64 cents per share.Revenue fell 1 percent to $12.57
Goldman Sachs Group reported a 5 percent increase in second-quarter profit on Tuesday, driven by higher revenue from its investing and lending business. The Wall Street bank earned $1.95 billion, or 4.10 per share, in the three months ended June 30, up from $1.86 billion, or $3.70 per share, in the same period a year earlier.
MasterCard reported fourth-quarter results which couldn't live up to lofty expectations from Wall Street. The world's second-largest transaction network after Visa reported revenue 11.6 percent higher, a net earnings jump of 16 percent, and payments volume soar 14 percent to $1.1 trillion.