Visa Earnings Beat but Revenue Misses; Shares Slip
Visa reported quarterly profit that beat analysts' expectations on Wednesday but revenue fell slightly short.
Shares of the credit-card company slipped in after-hours trading.(Click here to get the latest after-hour quote.)
Earnings excluding items rose to $1.27 per share in the fiscal fourth quarter from $1.06 a share in the year-earlier period.
Net income for the quarter jumped 14 percent to $880 million.
Revenue rose 12 percent to $2.38 billion from $2.12 billion a year ago.
Analysts had expected Visa to deliver earnings of $1.25 per share on revenue of $2.39 billion.
Visa said it processed 13 billion transactions during the quarter, up 9 percent from last year. Worldwide, Visa card holdersspent $1.55 trillion on their cards, with debit outpacing credit. That's up 17 percent from last year's quarter.
For the full year, net income rose 23 percent to $3.65 billion. Revenue increased 14 percent to $9.19 billion.