Visa Shares Climb As Earnings Beat Estimates

Visa Inc. late Wednesday reported its fiscal fourth-quarter earnings fell to $1.07 billion, or $1.72 a share, from $1.19 billion, or $1.85 a share, a year ago. Revenue increased to $3.23 billion versus $2.97 billion. On an adjusted basis, the credit card company would have earned $2.18 a share. Analysts surveyed by FactSet Research had forecast Visa to post earnings of $2.10 a share. The company also authorized a new $5 billion stock buyback program. Shares of Visa rallied 4.6% in after-hours trading.