Revenue grew 11% to $5.84 billion, driven by continued growth in payments volume, cross-border volume and processed transactions. Payments volume for the three months ended June 30, 2019, grew 9% over the prior year on a constant-dollar basis, while cross-border volume rose 7%. Total processed transactions increased 12% over the prior-year quarter.
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For the fiscal year 2019, net revenue growth is maintained at low-double digits on a nominal basis. Visa projected class A common stock earnings per share growth to be in low twenties on a GAAP nominal-dollar basis and mid-to-high teens on an adjusted nominal-dollar basis. Last quarter, Visa projected full-year EPS growth to be in the high end of mid-teens on an adjusted nominal-dollar basis.
Visa won the battle with its competitor Mastercard (NYSE: MA) on acquiring the UK-based Earthpost in May. In June, Visa acquired the token services and ticketing businesses from Rambus (NASDAQ: RMBS) and signed a definitive agreement to acquire Verifi, a leader in technology solutions that reduce chargebacks.
Last week, the San Francisco-based firm acquired Payworks, a Munich-based provider of next-generation payment gateway software for the Point of Sale (POS). Also in June, Visa launched Visa B2B Connect network and aims to expand it to as many as 90 markets by the end of 2019.
Visa’s peer American Express (NYSE: AXP) reported its second quarter results last Friday. American Express’ second quarter results beat on strong card member sending. Another digital payment giant Mastercard (NYSE: MA) will release its second-quarter 2019 financial results on July 30.
Visa stock had given a positive return of 37% so far this year and gained 29% in the past 12 months.