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.
- 2 states where home prices are falling because there are too many houses and not enough buyers
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore