Visa Inc. Beats Earnings, Revenue Projections

FOSTER CITY (CBS/AP) -- Visa Inc. says its net income slipped nearly 2 percent in the first three months of this year from a year earlier, when the company benefited from an adjustment to its income tax provision.

But the payments processing company reported growth in service and data processing revenue, as well as international transactions.

The Foster City company said its fiscal second-quarter net income totaled $1.27 billion, or $1.92 per share.

That compares with net income of $1.29 billion, or $1.91 per share, in the same period last year.

Revenue grew nearly 15 percent to $2.96 billion from $2.58 billion a year earlier.

Analysts, on average, forecast earnings of $1.81 per share, on revenue of $2.85 billion, according to FactSet.

Shares rose $2.98, or 2 percent, to $169 in after-hours trading.

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