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Shares of
Visa Inc jumped over 6 percent in after-hours trading after the company reported stronger-than-expected results for its fiscal third quarter.
The San Francisco, California-based company posted a quarterly profit of $1.7 billion, or $0.69 per share, compared to $1.36 billion, or $0.54 per share, in the year-ago period. Excluding items, Visa's adjusted earnings came in at $0.74 per share.
Its revenue climbed to $3.52 billion from $3.16 billion. However, analysts were expecting a profit of $0.59 per share on revenue of $3.37 billion.
The average estimate among 76 Estimize users was for earnings of $0.61 per share and revenue of $3.41 billion.
Its service revenue rose 9 percent to $1.6 billion in the quarter, while data processing revenue climbed 6 percent to $1.4 billion.
Payments volume, on a constant dollar basis, rose 11 percent year-over-year to $1.3 trillion for the latest quarter, while cross-border volume, on a constant dollar basis, surged 8 percent.
Total processed transactions rose 8 percent year-over-year to 18.0 billion.
Total operating expenses surged 11 percent to $1.3 billion for the quarter.
At June 30, 2015, cash, cash equivalents, and available-for-sale investment securities were $8.0 billion.
During the quarter, Visa repurchased 15.5 million shares of class A common stock, at an average price of $68.05 per share.
"We continue to deliver solid financial results and operating metrics without the help of an improving economic environment. Strong underlying fundamentals continue to offset the drag from geopolitical tension and the strengthening dollar on our business," said Charlie Scharf, Chief Executive Officer of Visa Inc.
Visa shares rose 6.07 percent to $76.00 in the after-hours trading session.
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