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AP National Business

Visa 1Q profits rise 6%, new CEO to take over Feb. 1

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Published 1:59 PM

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Payment processing giant Visa Inc. says its profits in its latest quarter were up 6% from a year earlier, helped by the continued rise of digital payments across the globe. The company’s current CEO, Al Kelly, will step down on Wednesday. He will be replaced by his second-in-command, Ryan McInerney. The San Francisco-based company said it earned $4.18 billion, excluding a handful of one-time items, or $2.18 a share. That’s compared to a profit of $3.96 billion in the same period a year ago. According to FactSet, Visa’s results beat analysts’ expectations.

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