Visa Inc. shares were flat in late trading Thursday after the credit card company reported earnings above expectations and sales in line with Wall Street forecasts. Visa said it earned $412 million, or 17 cents a share, in the second quarter, down from $1.7 billion, or 69 cents a share, in the year-ago period. Adjusted for one-time items, Visa earned $1.6 billion, or 69 cents a share. Net operating revenue hit $3.6 billion in the quarter. Analysts polled by FactSet had expected Visa to report earnings of 67 cents a share on sales of $3.64 billion. Visa also said its board of directors authorized a $5 billion stock buyback plan. U.S. consumer spending across the globe “remains strong and resilient” despite the stronger dollar, Visa said.
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