Visa 1Q results top Wall Street's expectations

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Associated Press

Posted on January 30, 2014 at 8:01 AM

Updated Thursday, Jan 30 at 8:02 AM

FOSTER CITY, Calif. (AP) — Visa's fiscal first-quarter is up 9 percent, benefiting from solid payments volume growth. Its performance beat analysts' expectations.

The world's largest processor of debit and credit card payments says it earned $1.41 billion, or $2.20 per share, for the three months ended Dec. 31.

That tops the $2.16 per share that analysts expected.

Operating revenue rose 11 percent to $3.16 billion, helped by higher revenue for service, data processing and international transactions.

Wall Street was looking for $3.13 billion in revenue, according to FactSet.

Visa Inc. reaffirmed its fiscal 2014 guidance for mid-to-high teens growth in earnings per share and a low double-digit increase in revenue, on a constant dollar basis.

Shares of the San Francisco company are up nearly 2 percent to $220.54 in morning trading.

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