U.S. Markets open in 5 hrs 22 mins

Jeff Auxier Comments on Visa

Visa Inc. (NYSE:V) saw strong performance in revenues and earnings for the quarter led by continued growth in payments volume, cross-border volume and processed transactions. During the quarter, the company repurchased 14 million shares of common stock using $2 billion of cash on hand. They have $8.3 billion of authorized funds available for further stock repurchases. Management expects revenue growth for the full-year 2019 to be in the low double-digits. Visa recently partnered with Razer to allow their 60 million users to make payments wherever Visa is accepted. This partnership will increase Visa's reach in Southeast Asia, a region which has a large underserved population of over 438 million. Visa also launched their payment system called Visa B2B Connect to offer seamless and secure cross-border payment processing for businesses.



From Jeff Auxier (Trades, Portfolio)'s second-quarter 2019 market commentary.
This article first appeared on GuruFocus.