Visa (NYSE:V) Beats Revenue, Earnings Estimates

Citing strong revenue growth in international markets, Visa (NYSE:V) announced an increase in profits for the first quarter of 16 percent.

Revenue for the quarter also rose, jumping to $2.24 billion, up against expectations of $2.23 billion. Earnings rose to $1.23 a share, 2 cents over the expected $1.21.

Driving growth in the quarter were increased use of debit and credit cards, according to the company report.

CEO Joseph Saunders said 60 percent of revenue growth in the quarter came from global markets. That exceeds Visa's goal of about half of revenue growth coming from international markets.

Visa closed Wednesday at $72.09, gaining $1.39, or 1.97 percent.