Shares of Visa (V) Up 7% on Strong Q4 Results

Shares of Visa (NYSE: V) are currently up more than 7% in after-hours trading on a much better-than expected Q1 earnings report. The largest credit card processor in the world also reaffirmed its previously issued guidance and said it expects annual sales growth in the high single-digit range.

Visa also said, "Even though we now foresee tougher economic trends in the second half of fiscal 2009 with resulting net revenue growth likely in the low single digits, we remain stead-fast in our ability to meet our 2009 EPS guidance."

The stock is now trading around $52.70.

Shares of competitors such as MasterCard (NYSE: MA), American Express (NYSE: AXP) and Discover Financial (NYSE: DFS) are also trading up on Visa report. Notably, MasterCard will report its Q4 results tomorrow.

UPDATE: Here is a summary of some of the highlights from Visa's Q4 conference call.

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