Why Visa and Mastercard Are Rising Today
Shares of the two largest payment rails, Visa (NYSE: V) and Mastercard (NYSE: MA), had risen nearly 8% and 6%, respectively, as of 10:22 a.m. ET today after Visa reported strong earnings results for its second fiscal quarter of the year. Mastercard, which will report its latest earnings results tomorrow morning, is also benefiting considering how similar the two companies are.
Visa reported earnings per share of $1.70 on revenue of $7.2 billion for the three months ending on March 31. Non-GAAP (adjusted) earnings came in at $1.79 for the quarter. Both non-GAAP earnings and revenue beat analyst estimates for the quarter.
Payments volume came in 17% higher on a year-over-year basis, while cross-border volume came in 38% higher.
Source Fool.com
