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Visa Inc. (V - Get Report)  shares fell 1.9% to $135.01 by the close of trading on Thursday after the company announced better-than-expected earnings and revenue but low payments volume growth.

The financial services giant reported fiscal first-quarter adjusted net income of $3 billion, or $1.30 per share, an increase of 18% and 21%, respectively, from  $2.52 billion and $1.07 per share in last year's first quarter. Analysts expected the company to earn $1.25 per share. Net revenue increased 13% to $5.5 billion  from $4.86 billion last year.

Payments volume and processed transactions both rose 11% year over year, but analysts were expecting payments volume to rise 12.4%.

Data processing revenue rose 15% from the prior year to $2.5 billion while international transaction revenue grew 11% to $1.9 billion. 

The company said exchange rates negatively impacted earnings per share and net revenue growth by approximately 0.5 percentage points each.

"We delivered strong results in our fiscal first quarter, generating 13% revenue and 21% earnings per share growth against the backdrop of an uncertain geopolitical environment," said Visa CEO Alfred Kelly Jr. in a statement. "As we look ahead in 2019, we remain focused on our strategy to grow the pie for payments through deeper and new relationships, expansion into new segments and payment flows and a broadening of our acceptance footprint."

Visa reaffirmed its full-year 2019 financial outlook, saying it expects annual net revenue growth in the low double-digits and client incentives as a percentage of gross revenue should hover in the 22% to 23% range.

Visa shares have risen 42% over the past year, while the Dow Jones Industrial Average has gained 17%.

Competitor Mastercard Inc. (MA - Get Report)  was rising nearly 4% after fourth-quarter earnings topped forecasts but net revenue of $3.8 billion was in line with estimates.