SAN FRANCISCO (AP) _ Visa Inc. (V) on Thursday reported fiscal first-quarter earnings of $3.13 billion.

On a per-share basis, the San Francisco-based company said it had net income of $1.42.

The results topped Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.27 per share.

The global payments processor posted revenue of $5.69 billion in the period, also exceeding Street forecasts. Thirteen analysts surveyed by Zacks expected $5.51 billion.

Visa shares have dropped roughly 9% since the beginning of the year, while the Standard & Poor's 500 index has increased roughly 1%. In the final minutes of trading on Thursday, shares hit $199.17, a drop of almost 2% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on V at https://www.zacks.com/ap/V

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