V Visa Inc

By Allison Prang

Visa Inc.'s net revenues, profit and cross-border volume all fell in the company's first quarter.

Visa said cross-border volume in constant dollars fell 21% from a year ago.

Revenue fell just more than 6% to $5.69 billion. According to FactSet, analysts were expecting $5.52 billion.

The credit-card company's earnings for the first quarter that ended Dec. 31 were $3.13 billion, or $1.42 a share. Profit a year ago was $3.27 billion, or $1.46 a share. Earnings were ahead of the analyst consensus estimate from FactSet.

Visa's board approved an $8 billion stock buyback program.

Shares rose 1.6% to $198.22 in after-hours trading.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

January 28, 2021 16:41 ET (21:41 GMT)

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