Digital payment service provider Visa’s (NYSE: V) first quarter 2020 earnings of $1.46 per share meet analysts expectations, while revenue of $6.1 billion beat the Street’s projections of $6.08 billion. Visa stock was down about 1% immediately after the earnings announcement.
GAAP net income in the first quarter of 2020 was $3.3 billion or $1.46 per share, which increased 10% and 12%, respectively, over prior year’s results.
For fiscal 2020, Visa estimates EPS to grow in mid-teens on a GAAP and adjusted basis and low double-digit growth in revenues on a GAAP and adjusted basis.
On a constant-dollar basis, payments volume for the three months ended December 31, 2019, grew 8% over the prior year. Cross-border volume grew 9%. Total processed transactions, which represent transactions processed by Visa, for the three months ended December 31, 2019, were 37.8 billion, an 11% increase over the prior year.
Earlier this month, Visa signed a definitive agreement to acquire Plaid, a network that makes it easy for people to securely connect their financial accounts to the apps they use to manage their financial lives. Visa will pay $4.9 billion cash consideration and $0.4 billion of retention equity and deferred equity consideration.
Visa stock, which closed down 1.64% at $208.21 today, had gained 11% in the past 30 days and 16% in the past three months.