Visa (V) posted better-than-expected results for its fiscal fourth quarter after markets closed on Thursday as the payments company reported double-digit growth in processed transactions and increases in payments and cross-border volumes.
The San Francisco-based company reported revenue of $6.14 billion in the three months ended Sept. 30, up 13% from the corresponding quarter of the prior year and ahead of the Street’s projection of $6.08 billion
The results were bolstered by a 9% increase in payments volume, a 7% jump in cross-border volume and an 11% rise in processed transactions.
Adjusted earnings per share came in at $1.47, up 21% from a year ago and also ahead of the Street’s projection for $1.43.
“During the year, we extended and expanded partnerships with a significant number of our largest clients globally while also establishing new partnerships with emerging companies across the payments ecosystem,” Alfred Kelly Jr, chief executive of Visa, said. “These partnerships, combined with four acquisitions and substantial organic investment, greatly expand our reach and capabilities to fuel future growth.”
For the fiscal year 2020, the company is targeting low double-digit annual net revenues growth and annual diluted class A common stock earnings per share growth in the mid-teens.
This post was originally published on Health Opinion