Shares of Visa (V) are off 82 cents, or almost 1%, at $92.79 in late trading after the firm this afternoon reported fiscal Q2 profit and sales ahead of estimates and raised its year revenue expectation to the high end of its previous forecast.
Q2 revenue rose 19% to $1.96 billion, beating the average $1.93 billion estimate, yielding profit per share of 96 cents, 5 cents better than expected.
The company raised its year sales outlook to the high end of the previously announced 11% to 15% estimate. Visa also reiterated a forecast for earnings per share growth of greater than 20% this year and next and free cash flow of more than $2 billion this year and next.
Analysts have been forecasting a sales rise of about 14.4% this year, to $7.9 billion, and profit per share growth of roughly 23%.
Growth in the volume of payments picked up in the quarter, rising to 13% from 8% in the December quarter. Total transactions rose 14%.
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