UPDATE: Visa Posts Higher Q1 Profit

Visa V reported a 9% rise in its first-quarter profit. Visa's quarterly profit surged to $1.41 billion, or $2.20 per share, from a year-ago profit of $1.29 billion, or $1.93 per share. Its revenue climbed to $3.16 billion from $2.85 billion. However, analysts were estimating earnings of $2.17 per share on revenue of $3.14 billion. Visa shares gained 3.03% to $223.70 in pre-market trading.