Visa Inc (V) Stock Slides Despite Profit, Sales Beat

Visa Inc (NYSE:V) had an impressive first quarter to kick off its fiscal 2018, but V shares fell late Thursday.

Visa Inc (V)×150.jpg 150w,×40.jpg 40w,×30.jpg 30w,×65.jpg 65w,×100.jpg 100w,×80.jpg 80w,×125.jpg 125w,×50.jpg 50w,×71.jpg 71w,×120.jpg 120w” sizes=”(max-width: 185px) 100vw, 185px” />The credit card and financial services company reported earnings of $1.08 per share, topping the Zacks Investment Research projection of 98 cents per share. Adjusted earnings were $2.54 billion for the quarter.

Consolidated revenue came in at $4.86 billion for Visa, topping the Wall Street consensus estimate of $4.81 billion, according to Zacks.. The figure rose 10% year-over-year.

Payments volume surged 10% compared to the year-ago quarter, while cross-border volume surged 9%. Visa’s total processed transactions came in at 30.5 billion, gaining 12% compared to the year-ago quarter.

Total processed transactions, which is a metric that represents transactions processed by Visa, were 30.5 billion, a 12% increase over the prior year.

“We are off to a solid start in our first fiscal quarter of 2018 as we saw healthy growth in all key business drivers across the globe. In particular, momentum accelerated in the U.S. driven by strong holiday spending and ecommerce growth,” said Alfred F. Kelly, Jr., CEO of Visa. “Given the recent benefits from the Tax Cut and Jobs Act, we are evaluating ways to further invest in our business, our people and our communities to digitize payments and contribute to overall economic growth.”

For the full-year 2018, the company expects its net revenue to grow in the high single digits, while its annual operating margin is slated to rise in the high 60s.

V stock dipped 1.7% after hours Thursday.

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