Visa Inc. (V - Free Report) just released its financial results for the second quarter of 2017, posting earnings of $0.86 earnings per share and revenues of $4.5 billion. Currently, Visa is a Zacks Rank #2 (Buy), and is up 2.75% to $93.65 per share in trading shortly after its earnings report was released.
Beat earnings estimates. The company posted earnings of 86 cents per share, beating the Zacks Consensus Estimate of 79 cents earnings per share. This number excludes 68 cents from non-recurring items.
Beat revenue estimates. The company saw revenue figures of $4.5 billion, topping our consensus estimate of $4.2 billion.
For Q2, Visa saw substantial growth across the board. Total processed transactions grew 42% year-over-year to 26.3 billion. Moreover, the company noted a 12% increase total process transaction growth in Europe compared to last year. The payment technology company’s net income also grew 27% from a year ago to $2.1 billion.
For fiscal 2017, Visa expects an annual net revenue growth of 16% to 18% on a nominal dollar basis. Furthermore, the company announced a $5 billion class A common stock buyback.
“In the face of geo-political uncertainty, Visa continues to execute well against our operating plan and strategic priorities, delivering sustained growth across nearly every part of our business,” said Alfred F. Kelly, Jr., Chief Executive Officer of Visa Inc.
“Robust growth in payments volume, cross-border volume and processed transactions drove better than expected results. Looking ahead, we are continuing our efforts across the globe to electronify commerce and digitize economies to the benefit of consumers and societies alike,” Kelly continued.
Here’s a graph that looks at Visa:
VISA operates the world's largest retail electronic payments network and is one of the most recognized global financial services brands. Visa facilitates global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities.
Check back later for our full analysis on Visa’s earnings report!
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