Visa Inc. (V), the world’s biggest payments network, said fiscal third-quarter profit rose 40 percent, beating analyst estimates for the 14th straight period, as consumers boosted credit-card spending.
Net income for the three months ended June 30 climbed to $1 billion, or $1.43 a share, from $716 million, or 97 cents, in the same period a year earlier, the San Francisco-based company said today in a statement. Adjusted earnings per share, which exclude the revaluation of the firm’s Visa Europe Ltd. put option, was $1.26, three cents better than the average estimate of 30 analysts surveyed by Bloomberg.
Chairman and Chief Executive Officer Joseph W. Saunders is looking to expand abroad as new U.S. limits on debit-card swipe fees charged to merchants threaten to crimp revenue growth at home. Visa, which derived 59 percent of sales from the U.S. last fiscal year, aims to generate more than half its revenue in international markets by fiscal 2015, Saunders has said.
“While the regulatory process generated headlines over the past 13 months, the overwhelming majority of Visa’s revenues are derived from products and geographies that are completely untouched by these events,” Saunders, 65, said today during a conference call with analysts and investors.
Visa authorized a new $1 billion share repurchase program after buying back 13.7 million shares in the third quarter at an average price of $77.36 for about $1.1 billion.
Net revenue increased 14 percent to $2.32 billion, beating analysts’ estimates, as operating expenses rose 9.5 percent to $977 million.

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