Visa Inc. (V) Thursday posted better than expected second quarter earnings results and unveiled a massive new share repurchase program.
Written by StockNews.com
The San Francisco-based credit card issuer reported:
- Q2 adjusted earnings per share (EPS) of $0.86, which was $0.07 better than the Wall Street consensus estimate of $0.79.
- Revenues rose 23.5% from last year to $4.48 billion, also topping analysts’ view for $4.29 billion.
Looking ahead Visa:
- forecast annual net revenue growth at the high end of the 16% to 18% range, with annual operating margins in the mid 60s and
- announced a new $5 billion share repurchase program.
Alfred F. Kelly, Jr., Chief Executive Officer of Visa Inc., commented via press release:
“In the face of geo-political uncertainty, Visa continues to execute well against our operating plan and strategic priorities, delivering sustained growth across nearly every part of our business.
Robust growth in payments volume, cross-border volume and processed transactions drove better than expected results. Looking ahead, we are continuing our efforts across the globe to electronify commerce and digitize economies to the benefit of consumers and societies alike.â€
Visa Inc. shares rose $2.68 (+2.94%) in after-hours trading Thursday. Year-to-date, V has gained 17.05%, versus a 5.74% rise in the benchmark S&P 500 index during the same period.
V currently has a StockNews.com POWR Rating of A (Strong Buy), and is ranked #1 of 39 stocks in the Consumer Financial Services category.
