Visa Easily Beats Wall Street's Profit View
NEW YORK (TheStreet) - Visa (V) reported fiscal second-quarter earnings of $1.1 billion, or $1.60 a share, after market close on Wednesday, easily beating the average estimate of analysts polled by Thomson Reuters for a profit of a $1.51 a share.
Revenue for the quarter was $2.6 billion, a 15% increase from last year.
Payments volume growth for the first three months of 2012 was up 11% over the prior year and cross-border volume growth was a positive 16%, the company reported. Total processed transactions for the second quarter were 13 billion, an 8% increase over the prior year.
"Our strong financial performance this quarter was fueled by continued growth of U.S. credit products, strong cross border spending and expansion of Visa's core business in international markets," said Visa CEO Joseph Saunders in a statement. "Across the globe Visa's business continues to expand at a healthy pace, the result of our commitment to continued expansion in our core business as well as our ability to leverage innovative payment technologies."
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