Stocks rose after better-than-expected fiscal first quarter results
In the fiscal first quarter, Visa reported an EPS of $1.42 on revenues of $5.69 billion. Both figures topped the expectations. The market was looking for earnings per share of $1.27, and revenues of $5.5 billion.
Most of the Visa segments reported revenue growth in the past quarter, the most significant ones being services – which increased 5% to $2.68 billion, and data processing – up 6% to $3.03 billion.
On the other hand, international transactions revenue figures came in at $1.45 billion, marking a 28% drop from what was expected.
For the future, Visa will start a buyback program through which is looking to repurchase $8 billion worth of stocks.
Following the news, Visa stock price added 0.9%.
Source: investors.com