Credit card giant Visa (V) reported upbeat results for its third quarter ending June 30, 2018. The company’s shares, which hit a new all-time high on Wednesday’s regular trading session, continued to trade in the positive territory after the bell also.
Visa’s adjusted earnings jumped about 40% year-over-year to $1.20 per share on revenue growth of 15% to $5.2 billion. Analysts viewed that Visa’s earnings would be $1.08 per share on revenue of about $5.06 billion. GAAP net income swelled 13% to $2.3 billion or $1.00 per share. The revenue growth in the quarter was helped by continued growth in payments volume, cross-border volume, and processed transactions.
Looking ahead, the payments technology company expects its annual net revenue to grow in low double-digits on a nominal basis for its fiscal year 2018.
The company had a litigation charge of $600 million related to the interchange multidistrict litigation case in the recently ended quarter which increased the GAAP operating expenses by 53% to $2.4 billion.
Visa’s rival Mastercard (MA) is set to report its quarterly results on Thursday after the bell. Last week, another competitor American Express (AXP) posted mixed results for its recently concluded quarter. Visa’s stock had climbed about 25% so far in 2018 and about 40% in the past one year.