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Visa stock falls after earnings beat expectations but revenue matches

Visa Inc. shares were up down 1% in after-hours trading Wednesday after the company beat earnings expectations for its fiscal second quarter but reported in-line revenue. The card network posted net income of $3 billion, or $1.31 a share, up from $2.6 million, or $1.11 a share, in the year-earlier period. The FactSet consensus called for $1.24 in earnings per share. Revenue rose to $5.5 billion from $5.1 billion a year earlier and came in roughly in line with the consensus forecast. The company reaffirmed its full-year outlook, which called for annual net-revenue growth in the low single digits on a nominal basis, with roughly 1 percentage point of negative foreign-exchange impact. Shares have gained 22% so far this year, as the Dow Jones Industrial Average has risen 14%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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