Credit card company Visa Inc (NYSE:V) beat expectations with its fiscal fourth quarter revenues and profits.
The stock edged 1% higher to US$109.55 in pre-market trading after the company reported net income of US$2.14bn in the three months to the end of September, up from US$1.93bn the year before.
That was equivalent to 90 cents per Class A share, which was up from 79 cents a year earlier and better than the 85 cents the market had been expecting.
Net operating revenue rose to US$4.86bn from US$4.26bn the previous year. The median forecast among analysts who follow the stock had expected revenue of US$4.63bn.
Payments volume growth, on a constant dollar basis and excluding Europe co-badge volume, was up 10% year-on-year, while total Visa-processed transactions increased 13% year-on-year.
“Visa ended our fiscal year as we began, with strong growth across payments volume, cross-border volume and processed transactions, which was bolstered by the addition of Visa Europe,” said Alfred Kelly, chief executive officer of Visa Inc.
“We’re very pleased with our progress in Europe and will continue to make strategic investments that will further strengthen our franchise there and globally. As we look ahead to fiscal 2018, we are positioned for sustained growth and remain confident in our ability to continue delivering strong shareholder value ,” he added.
Shares in New york added 1.13% to US$109.63.