Digital payment service provider Visa Inc (NYSE: V) reported fourth-quarter revenues that climbed 13% to $6.1 billion, which surpassed average analysts’ projection of $6.08 billion.
Net income for the quarter grew to $1.47 per share, from $1.21 per share a year ago. Analysts were expecting Q4 earnings of $1.43 a share.
Visa stock, which gained 2% immediately following the announcement, has advanced 29% so far this year.
CEO Alfred F. Kelly, Jr said, “During the year, we expanded partnerships with a significant number of our largest clients globally while also establishing new partnerships with emerging companies across the payments ecosystem. These partnerships, combined with four acquisitions and substantial organic investment, greatly expand our reach and capabilities to fuel future growth.
During the quarter, payment volumes improved 9%, while processed transactions increased 11%.
The company currently expects low double-digit growth in FY19 revenues on a GAAP nominal dollar basis, and 1-1.5% including the impact of foreign currency. Effective tax rate for this period is projected in the range of 19-19.5%.
Visa’s peer American Express (NYSE: AXP) reported its third quarter results last Friday. The New York-based payment processing company’s third quarter financial results surpassed the market’s views, helped by the increaed card member spending.
Mastercard (NYSE: MA) will report quarterly results next week.