Visa released its earnings results from the first quarter of fiscal 2016 after closing bell tonight, posting earnings per share of 69 cents per share, compared to the consensus of 68 cents per share. Revenue amounted to $3.57 billion, compared to the estimate of $3.62 billion.

GAAP earnings were 80 cents per share.

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Visa posts solid growth

Payments volume climbed 11% year over year in constant dollars to $1.3 trillion, while cross-border volume growth climbed 4% in constant dollars. Total processed transactions climbed 8% year over year to $19 billion. Service revenues climbed 7% to $1.6 billion, while data processing revenues improved 7% to $1.5 billion. Other revenues declined 3% to $198 million.

“We continue to be pleased with our financial performance given the uneven global economy and the ongoing negative effects of the strong U.S. dollar,” said Visa CEO Charlie Scharf in a statement. “While we continue to see relatively strong payments volume growth, these factors have meaningfully reduced our cross-border volume and revenue growth. While these headwinds do not appear to be abating in the short-term as we had hoped, the fundamentals of our business remain strong and our long-term growth trajectory remains intact as we navigate through this uncertain environment.”

Visa reiterates guidance

For the full year of fiscal 2016, Visa management continues to expect moderating growth in cross-border volume and “subdued” domestic activity in its regions. They expect annual net revenue to climb in the high single-digits to low double-digits in constant dollars. They project client incents as a percent of gross revenues to fall somewhere between 17.5% and 18.5% and the operating margin to be in the mid-60% range.

Shares of Visa edged higher by as much as 2.38% to $71 per share in after-hours trades. Shares of Visa edged higher by as much as 2.38% to $71 per share in after-hours trades. The company’s stock has a 52-week high of $81.01 per share and a 52-week low of $60 a share.