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Visa shares slip despite beating first quarter expectations
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Investing.com -- Visa Inc Class A (NYSE:V) reported better-than-expected fiscal first quarter results on Thursday, though shares slipped 1% in after-hours trading as the strong performance failed to impress investors.
Revenue increased 13% on a constant-currency basis compared to the same quarter last year.
The company's service revenue rose 13% to $4.8 billion, while data processing revenue increased 17% to $5.5 billion.
During the quarter, Visa repurchased approximately 11 million shares at an average cost of $342.13 per share, totaling $3.8 billion.
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