Visa just reported earnings for its fiscal third quarter that beat on both the top and bottom lines.
For the quarter, Visa earned $US2.17 per share, better than the $US2.10 that was expected by analysts, on revenue of $US3.16 billion, beating expectations for $US3.15 billion.
Following the report, Visa shares were down 2%.
Visa CEO Charlie Scharf said the company’s earnings grew, “in the face of a continued, subdued global economy.”
At more than $US222 per share, Visa is the largest segment of the Dow Jones Industrial Average, as the index is “price-weighted,” meaning its components are weighted by the price of their stock, giving the heaviest weighting to the most expensive members.
For its fiscal-year 2014, Visa expects revenue growth of 9%-10% and earnings per share growth in the 17.5%-18.5% range.