Visa Inc. (V) - Get Visa Inc. Report topped revenue and earnings estimates for its fiscal first quarter Thursday after the bell, helped by sequential improvements in payments volumes, cross-border volumes and processed transactions.
The credit card and payments giant posted net income of $1.42 a share on revenue of $5.7 billion.
Visa had been expected to report adjusted net income of $2.8 billion, or $1.28 a share, on sales of $5.5 billion, based on a FactSet survey of 35 analysts.
In the same period a year ago the company posted earnings of $1.46 a share on sales of $6.1 billion. It reported net income of $2.9 billion.
Visa's board also approved a new $8 billion share repurchase plan.
"Our performance in the fiscal first quarter reflected solid results and continued positive momentum in a challenging COVID-19 environment," said Alfred F. Kelly, Jr. , chairman and CEO of Visa in a statement. "We saw sustained strength of debit and e-commerce volumes as well as resilient domestic spending in most countries."
Payments volume for the quarter rose 5% over the prior year on a constant-dollar basis, the company said. Total processed transactions rose 4% to 39.2 billion for the quarter from the same period a year ago, according to the company's earnings release.
Visa stock has risen 7.8% since the company last reported earnings on Oct. 28.
Shares of Visa rose $1.87, or 0.9%, to $200.09 in after-hours trading. The stock gained 1.7% in the regular session on an up day for Wall Street.
Earlier Thursday Visa's credit-card and payments rival Mastercard (MA) - Get Mastercard Incorporated Report reported fourth-quarter profit and revenue that fell from a year ago but exceeded expectations.
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