Visa Beats Estimates, Shares Down In After Hours (V)

Visa V reported earnings of $1.23 per share on revenues of $2.25 billion, versus Wall Street estimates of $1.20 per share on $2.23 billion in revenues. The company guided full year earnings of EPS growth of 21% versus estimates of 21.2%, and revenues grew 11-15%, versus estimates of 13%. The company also announce a new $1 billion buyback program. "Visa delivered a solid financial performance in our fiscal second quarter with double-digit growth in payments volume, cross border volume and Visa-processed transactions from across the globe," said Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc. "With a strong first half of our fiscal 2011 year behind us, we remain focused on driving continued transaction growth, maintaining strong financial performance and expense control discipline, and delivering value to our shareholders through share repurchase programs and dividend payments." "In addition to working with our financial institutions and merchant clients to expand card issuance and acceptance for our core products, we are investing in new platforms, channels and technologies that will deliver value to our clients and consumers for years to come," continued Saunders. "The global adoption of mobile and internet technology presents an enormous opportunity for Visa to leverage our network and proven track record of delivering electronic payments worldwide." Shares of Visa lost $1.07 today to close at $78.70, a loss of 0.9%.