Visa reports Q1 revenue of $1.7 billion and Q1 EPS of $599 million or $0.78 per share, compared to street consensus of $0.66/share.Apparently the reason for the consensual beat is due to increasing use of credit cards outside of the U.S. As per the PR: "Payments volume and processed transactions remained solid, in particular in the Asia Pacific , Central Europe, Middle East and Africa, and Latin America and Caribbean regions."
That's just great - let's export some more of the credit bubble... and yes, before everyone starts screaming, I know Visa is just the processor, but someone, somewhere must be footing the bill for all those foreigners finally discovering what charging it means.
CEO Joseph Saunders had these cautionary words about the future "Even though we now foresee tougher economic trends in the second half of fiscal 2009 with resulting net revenue growth likely in the low single digits, we remain stead-fast in our ability to meet our 2009 EPS guidance." In addition "Visa affirms its financial outlook through 2010 with the caveat that annual net revenue growth may be somewhat challenged in 2010 if the current economic environment in the U.S. and around the globe persists beyond 2009."
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