the stock jumped after the credit card company reported better than expected revenue. Credit the return of international travel for the pace.
Visa (symbol: V) reported a profit in the second fiscal quarter of $1.79 per share, beating forecasts of $1.65 per share, on sales of $7.189 billion, ahead of estimates of $6.833 billion.
“Visa just released strong F2Q results with revenue growth of +25% beating the guide, which we estimate at around +19%,” wrote Dan Dolev, analyst at Mizuho.
How did Visa do it? With cross-border transactions, of course. Cross-border transactions increased by 38% in total and by 47% outside intra-Europe. “As expected, results were boosted by strong high-margin cross-border trading,” Dolev writes.
The market was pleased with Visa’s results. Visa stock gained 5.5% to $212.08 in after-hours trading on Thursday, even as futures disappointed earnings at companies like
(GOOGL) caused the
exchange-traded fund (QQQ), which follows
fell 1% in after-hours trading. the
SPDR Dow Jones Industrial Average ETF
(DIA), which follows the
Dow Jones Industrial Average,
fell 0.2% in after-hours trading, while the
SPDR S&P 500 ETF
(SPY), which follows the
fell by 0.4%.
Write to Ben Levisohn at firstname.lastname@example.org