Visa Shares Surge 7% In After-hours Trade After Profit, Revenue Beat Estimates

Visa Inc. shares surged 7.6% in after-hours trade Thursday, after the company reported better-than-expected earnings for its third fiscal quarter. Visa said it had net income of $1.7 billion, or 69 cents a share, in the quarter, up from $1.4 billion, or 54 cents a share, in the year-earlier period. Excluding a non-cash charge related to the revaluation of the Visa Europe put option, the payments company had EPS of 74 cents, well ahead of the FactSet consensus of 58 cents. Revenue rose to $3.5 billion from $3.4 billion, also ahead of the FactSet consensus of $3.4 billion. "Strong underlying fundamentals continue to offset the drag from geopolitical tension and the strengthening dollar on our business," Chief Executive Charlie Scharf said in a statement, The company is now expecting full fiscal 2015 revenue growth in the low double digits on a constant currency basis. Adjusted per-share earnings are expected to grow in the mid teens range. Shares have gained 9.5% in the year so far, while the Dow Jones Industrial Average is down 0.5%.