Visa Inc (NYSE:V) shares are trading higher by 5.5% at $217.50 after the company reported better-than-expected first-quarter EPS and sales results.
Visa beat estimated earnings by 6.47%, reporting an EPS of $1.81 versus an estimate of $1.7, which did not surprise analysts.
Revenue was up $1.37 billion from the same period last year.
"Visa delivered very strong results with revenue, net income and EPS all growing at 24% or higher. The strength of our network, the growth in eCommerce, better than expected progress in the return of cross-border travel and a continuation of the recovery all contributed to an excellent quarter," said Alfred F. Kelly, Jr., Chairman and CEO.
"As we look ahead, we do not believe the current surge in the pandemic will curtail the recovery. We see economies around the world continuing to improve and, as restrictions are lifted, cross-border travel will continue to recover. We remain confident that we are well-positioned, via our multi-pronged growth strategy, to deliver strong results well into the future," Kelly stated.
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Visa is the largest payment processor in the world. In fiscal 2021, it processed over $10 trillion in purchase transactions. Visa operates in over 200 countries and processes transactions in over 160 currencies.
Visa has a 52-week high of $252.67 and a 52-week low of $190.10.
