Visa shares down 6% as company warns of weak spending
Visa Inc. on Thursday reported net income of $1.7 billion, or 71 cents a share, in the fiscal second quarter, compared with 63 cents a share in the year-ago period. Adjusting for one-time items, Visa reported net income of $1.6 billion, or 68 cents a share, in the quarter. Sales hit $3.6 billion in the quarter, from $3.1 billion a year ago. The company cited "continued headwinds" of the strong U.S. dollar, lower oil prices, and an "uneven" global economy for driving continued weak cross-border spending, but said U.S. spending continued "at reasonably strong levels." Analysts polled by FactSet had expected the company to report earnings of 67 cents a share on sales of $3.6 billion. Shares of Visa fell 6% in late trading after ending the regular session down 0.4%.
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