Visa earnings: $1.11 per share, vs $1.02 expected

Visa beats the Street
Visa beats the Street

Visa reported second-quarter earnings that beat analysts' expectations on Wednesday.

Here's how the company did compared with what Wall Street expected:

  • Earnings: $1.11 per share vs. $1.02 per share forecast by Thomson Reuters
  • Revenue: $5.07 billion vs. $4.81 billion forecast by Thomson Reuters

That revenue figure represents year-over-year growth of about 13 percent. In the year-ago quarter, Visa reported earnings of 18 cents per Class A share on $4.48 billion in revenue.

The stock rose 2 percent in extended trading following the news.

Visa CEO Alfred Kelly, Jr. said growth in both cross-border and payments volume helped drive the better-than-expected results. The company said both metrics grew 11 percent year over year.

After Wednesday's better-than-expected results, Visa said it is raising its forecast for the year. The company now expects adjusted full-year earnings growth in the high 20 percentage-point range.

Visa shares have gained 5 percent so far this year, outperforming the Dow Jones industrial average which has fallen 3 percent in the same period.

In February, Visa said it plans to acquire longtime partner Fraedom as the company seeks to expand its footprint in the business-to-business digital payment industry.

Visa and Worldpay said in February they would reverse duplicate transactions that led to unauthorized withdrawals for some users of cryptocurrency exchange Coinbase.