Visa shares flat after earnings beat

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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