Visa Rises on Q2 Earnings Results

released its fiscal second-quarter earnings results after the closing bell on Wednesday. The company topped Wall Street earnings and revenue estimates and the stock was last up around 2 percent in late trading to $169.07. Net income for the second-quarter was $1.27 billion or $1.92 per share, compared to $1.29 billion or $1.91 per share, in last year's corresponding quarter. On an adjusted basis, net income was $1.27 billion or $1.92 per share versus $1.08 billion or $1.60 per share, last year. This easily topped analysts' consensus estimates of $1.81 per share. Revenue for the quarter rose 15 percent to $2.96 billion from $2.58 billion last year. This also came in ahead of street expectations calling for sales of $2.85 billion. Looking ahead to fiscal 2013, Visa said that it expects net revenue growth in the low double digits and EPS growth of around 20 percent.