Visa Beats Q2 Estimates

Visa Inc (NYSE: V) reported better-than-expected results for the fiscal second quarter on Thursday.The San Francisco, California-based company reported a quarterly profit of $1.55 billion, or $0.63 per share, versus a year-ago profit of $1.6 billion, or $0.63 per share. Its revenue increased 8 percent year-over-year to $3.41 billion from $3.16 billion. However, analysts were expecting a profit of $0.62 per share on revenue of $3.34 billion.The average estimate among 95 Estimize users was for earnings of $0.64 per share and revenue of $3.35 billion.Payment volume, on a constant dollar basis, climbed 11 percent to $1.2 trillion, while cross-border volume, on a constant dollar basis, rose 8 percent. Total transactions surged 11 percent to $17 billion. Data processing revenue increased 9 percent to $1.3 billion in the quarter, while international transaction revenue surged 11 percent to $964 million. Service revenue climbed 8 percent year-over-year to $1.6 billion.Total operating expenses rose 1 percent to $1.1 billion for the quarter.During the quarter, Visa repurchased 16.2 million shares of class A common stock, at an average price of $64.84 per share,At March 31, 2015, the company's cash, cash equivalents, and available-for-sale investment securities totaled $7.3 billion."Visa reported another solid quarter of financial results against the continued backdrop of a tepid global economy. While the negative impacts from the strengthening of the U.S. dollar and lower gasoline prices continued to exert pressure on revenue growth, our results and volume trends have remained strong," said Charlie Scharf, Chief Executive Officer of Visa Inc.Visa shares fell 1.97 percent to $64.75 in the after-hours trading session.