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Visa earnings beat Street by a penny, at 63 cents

Visa
Andrew Harrer | Bloomberg | Getty Images

Wall Street had expected the company to deliver quarterly earnings per share of 62 cents on $3.34 billion in revenue, according to a consensus estimate from Thompson Reuters.

Visa, the world's largest credit and debit card company, reported a 7.8 percent rise in second-quarter operating revenue as more customers used cards for payments.

The company's net income fell slightly to $1.55 billion for the quarter ended March 31 from $1.60 billion a year earlier. On a per Class A share basis, earnings were flat at 63 cents.

Operating revenue rose to $3.41 billion from $3.16 billion.


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The global payments technology company recently entered into a co-brand credit card agreement with Costco and Citi. Under the terms of the agreement, "Citi, the world's largest issuer of consumer credit cards, would become the exclusive issuer of Costco's co-brand credit cards and Visa will replace American Express as the credit card network for Costco in the United States and Puerto Rico beginning April 1, 2016," said Visa in a press release.

Visa, along with Pizza Hut and Accenture also presented a connected car idea during the Mobile World Congress in Barcelona, Spain.

The connected car would allow customers to order and pay for pizza without picking up the phone or leaving the vehicle.

"As the number of connected cars on the road increases, so does our ability to bring secure online commerce to consumers everywhere," said Bill Gajda, senior vice president of Innovation and Strategic Partnerships, at Visa in a press release. "We initially focused on a specific use case—ordering a meal on your way home—but we envision a world where consumers can seamlessly make many of their everyday purchases from the car."