Visa CEO Al Kelly Just Said This About the DOJ Lawsuit
It was a busy end to October for Visa (NYSE: V). The payment processor announced a new acquisition, reported a decline in earnings for its fiscal fourth quarter, and learned of a lawsuit against it by the Justice Department. Chairman and CEO Al Kelly and his executive team addressed all three of these issues on the company's quarterly earnings call Wednesday. Here is what they had to say.
Visa beat earnings estimates for its Q4, which ended Sept. 30, but it was still a bumpy ride, as net income fell 29% year over year to $2.1 billion, or $0.97 per share. Revenue was down 17% to $5.1 billion on a sharp 29% drop in the volume of cross-border transactions -- those for which the merchant is in a different country than the issuer of the customer's card.
Source Fool.com
