Visa 3Q profit slips 2 percent

July 28, 2010 3:18:17 PM PDT
Visa Inc. says it had a 2 percent decline in fiscal third-quarter profit, despite increased operating income.

The San Francisco company posted net income of $716 million, or 97 cents per share, on revenue of $2.03 billion for the period ended June 30.

That tops Wall Street expectations for profit of 93 cents per share on revenue of $1.97 billion. But results were down from last year's third-quarter results, largely because of lower investment income.

Shares slipped $1.45 to $75.19 in aftermarket electronic trading.

The company says it's too early to tell how much impact a new law that limits the fees charged to merchants for processing debit card payments will be.