Why Visa Stock Dropped Today
Credit card giant Visa (NYSE: V) had a volatile day on the markets as its shares jumped nearly 3% after the opening bell at about 9:47 a.m. ET today, but then plummeted some 7% midday. At the closing bell, shares climbed back up some to end the day down just 0.95%.
There were multiple catalysts, including its fiscal third-quarter earnings report.
Visa rose in early trading on the strength of its report for the quarter ended June 30, where it beat both earnings and revenue estimates. The company generated $7.3 billion in revenue, a 19% year-over-year increase and more than the $7.1 billion estimated by analysts. Net income was $3.4 billion, up 32% year over year, while adjusted earnings per share was $1.98, which beat estimates of $1.74.
Source Fool.com
