Visa profit falls but beats estimates
The firm also authorized a new $8.0 billion share repurchase program
Stocks impacted: Visa (V)
The world’s largest card payment company reported better-than-expected profit in the first quarter of 2021. Visa’s net income dipped to $3.13 billion, or $1.42 a share, down from $3.27 billion, or $1.46 a share a year earlier. On an adjusted basis, the company reported a profit of $1.42 per share, down from $1.46 seen in the same period a year ago. Still, that higher than the market consensus estimates of $1.28 per share. Revenue for the quarter fell 6.0% to $5.69 billion from $6.05 billion last year. The firm also authorized a new $8.0 billion share repurchase program, bringing total funds available for share repurchase to over $11 billion. Against this backdrop, Visa shares that gained 1.57% overnight, rose as high as 2% in extended trading on Thursday. Last year, its shares climbed over 16%.
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