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Visa, the world's largest credit card network, posted higher-than-expected quarterly earnings on Wednesday as consumers used their cards more and boosted revenue, sending the shares higher.
Visa shares [V
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], which closed on Wednesday at $49.13, soared over 7 percent in extended trading.
Net income was $574 million, or 74 cents per class A share, for the first quarter ended Dec. 31, compared with proforma profit of $424 million a year earlier, when the company was privately held.
On an adjusted basis, reflecting a normalized tax rate, restructuring and purchase amortizations, quarterly net income was $599 million, or 78 cents per diluted class A common share.
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On that basis, analysts, on average, expected 66 cents, according to Reuters Estimates.
Visa said payments volume increased 12 percent for the quarter ended Sept. 30. Volume in that quarter translated to revenue in the next quarter. Net operating revenue rose 17 percent to $1.7 billion.
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