Visa Shares Higher After Company Reports Q1 Results In Line
Visa Inc. said Thursday it earned an adjusted $1.7 billion, or 69 cents a share, in the fiscal first quarter of 2016, up 10% from the year-ago period. Revenue hit $3.56 billion in the quarter, up from $3.38 billion a year ago. Analysts polled by FactSet expected the credit-card company to report adjusted earnings of 68 cents a share on sales of $3.6 billion. Payments volume growth was 12% over the prior year at $1.3 trillion, Visa said. Processed transactions rose 8% year-on-year. Visa warned, however, that "continued moderating cross-border volume growth and subdued domestic activity" across its markets could affect full year results. Shares of Visa rose 2.4% in late trading Thursday after ending the regular session down 2.2%.
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