Visa Profit Beats Expectations, But Stock Falls
REUTERS/Claro Cortes
For the quarter, Visa earned $2.17 per share, better than the $2.10 that was expected by analysts, on revenue of $3.16 billion, beating expectations for $3.15 billion.
Following the report, Visa shares were down 2%.
Visa CEO Charlie Scharf said the company's earnings grew, "in the face of a continued, subdued global economy."
At more than $222 per share, Visa is the largest segment of the Dow Jones Industrial Average, as the index is "price-weighted," meaning its components are weighted by the price of their stock, giving the heaviest weighting to the most expensive members.
For its fiscal-year 2014, Visa expects revenue growth of 9%-10% and earnings per share growth in the 17.5%-18.5% range.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas