Visa Earnings Beat, Supported by Strong Growth
Visa said its net income slipped nearly 2 percent in the fiscal second quarter from a year earlier, when the company benefited from an adjustment to its income tax provision.
But the payments-processing company reported growth in service and data processing revenue, as well as international transactions.
After the earnings announcement, the company's shares climbed in extended-hours trading. (Click here to get the latest quote.)
Net income was $1.27 billion, or $1.92 per share. That compares with net income of $1.29 billion, or $1.91 per share, in the same period last year.
Revenue grew nearly 15 percent to $2.96 billion from $2.58 billion.
Analysts had expected Visa to report earnings excluding items of $1.81 a share on $2.85 billion in revenue, according to a consensus estimate from Thomson Reuters.
Earlier in the day smaller competitor MasterCard reported earnings that came in above estimates, but revenue missed and its CEO expressed concerns over the mixed global environment.