Shares were lower by 3.67% to $201.71 a few minutes after the start of trading Friday.
Visa reported second quarter earnings of $2.52 per share versus a consensus of $2.18 after Thursday's market close.
However, the electronic payment processor said revenues would grow by 10-11% in 2014, down from previous guidance of 10-13% growth.
"The outlook commentary is one of the main drivers of the weakness in the shares after hours," argued KBW analyst Sanjay Sakhrani in a research note. Sakhrani cited not only the weaker revenue growth projections but the inclusion of a $218 million tax benefit in full year guidance for fiscal 2014, which he argued implies "lower growth for the back half of the year than originally anticipated."