Visa earnings (NYSE:V) were released late in the day on Wednesday and the company posted positive results for its latest period, helping to send V stock surging more than 1% after hours.
The credit card operator said that for its fourth quarter of its fiscal 2018, it brought in adjusted earnings of $1.30 per share, which was stronger than the $1.25 per share that analysts were calling for, according to data compiled by Zacks Investment Research. The company added that its revenue for the period surged to $5.51 billion, topping the $5.4 billion that Wall Street forecasted.
Visa said that its service revenue for the quarter was 9% higher than it was during the year-ago quarter, reaching $2.3 billion. Its data processing revenue surged 15% year-over-year to $2.5 billion, while the company’s international transaction revenue popped 11% to $1.9 billion.
The company added that it sees its fiscal 2019 as bringing in earnings per share growth in the mid-teens range, while revenue is expected to gain in the low double digits nominally with roughly 1 percentage point of foreign currency impact.
“We delivered strong results in our fiscal first quarter, generating 13% revenue and 21% earnings per share growth against the backdrop of an uncertain geopolitical environment,” said Visa CEO Alfred Kelly. “As we look ahead in 2019, we remain focused on our strategy to grow the pie for payments through deeper and new relationships, expansion into new segments and payment flows and a broadening of our acceptance footprint.”
V stock is surging close to 1.5% after the bell on Wednesday following the company’s strong quarterly earnings showing. Shares had been surging close to 2% during regular trading hours as the company geared up to post its results for its latest period.