Visa Inc (V) stock was down today following the release of its Q2 2016 earnings report.
It wasn’t Visa earnings or revenue that caused its stock to drop. The company came in ahead of earnings per share expectations by 1 cent and with an EPS of 68 cents. It’s revenue for the quarter also matched up with expectations at $3.6 billion.
However, V CEO Charlie Scharf said that the company expects weak cross-border spending due to the “strong U.S. dollar, lower oil prices, and an uneven global economy.” He said these reasons have the company being cautious about the second half of 2016.
Visa also announced that it had to amend its transaction with Visa Europe to appease the European Commission. This includes changing its earn-out offer of €4.7 billion to a cash consideration payable in transaction that is €1.75 billion higher.
V shares were down 3% as of Noon Friday.
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