Visa Close to Unchanged After Q1 Earnings Results

Blue-chip credit-card issuer Visa

released upbeat fiscal first-quarter earnings on Wednesday after the closing bell. The stock, however, was last down slightly in after hours trade. The company said that it earned $1.3 billion or $1.93 per share, versus $1.0 billion or $1.49 per share, in the year ago period. The results included a tax benefit of roughly $0.11 per share. The company's earnings came in ahead of Wall Street consensus estimates of $1.79 per share. Total revenue in the period was up 12 percent to $2.85 billion versus $2.55 billion in last year's first-quarter. This also beat analysts' consensus estimates of $2.82 billion. Visa's board of directors also authorized a new $1.75 billion share repurchase program which will be in place until January 2014. The company reiterated its fiscal 2013 guidance, which falls for low double digits net revenue growth and earnings per share growth in the high teens.