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Visa Turns 4Q Profit On Debit Card Use, Cost Cuts

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Oct 27, 2009 2:07 pm US/Pacific

Visa Turns 4Q Profit On Debit Card Use, Cost Cuts

 V: Latest Quote & News

SAN FRANCISCO (CBS 5 / AP) ― Visa says it turned a profit in its fiscal fourth quarter, as cost cutting and growing debit-card use made up for a decline in payment volume reflecting consumers' spending cutbacks.

The payments processor posted profit of $514 million, or 69 cents per share, on revenue of $1.87 billion. Adjusted profit was 74 cents per share.

Visa's results reflect a growing reliance on debit cards, while banks report higher credit card payment defaults as unemployment persists.

The company, based in San Francisco, also said it will buy back up to $1 billion of its stock.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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