Visa Inc. V posted second-quarter fiscal 2016 (ended Mar 31) earnings of 68 cents that marginally beat the Zacks Consensus Estimate of 66 cents. The bottom line increased 7% or 12% on a constant dollar basis year over year.Visa Inc. (V) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompany Total operating revenue for the quarter was $3.6 billion, up 6% year over year. Revenues also beat the Zacks Consensus Estimate by 1.6%. The top-line growth was supported by increase in payment volumes.We wait to see if stocks again on the positive numbers once markets open.Behind the HeadlinesOn a constant currency basis, revenues grew 9% from the year-ago period. The upside was driven by higher service revenues, data processing and international transaction revenues.Service revenues increased 8% year over year to $1.7 billion. Data processing revenues surged 10% from the prior-year quarter to $1.5 billion.Visa's International transaction revenues, which are driven by cross-border payments volume, jumped 8% from the prior-year quarter to $1 billion. Other revenues, earned through Visa Europe’s licensing fee, were $198 million, down 3% from the year-ago quarter. Client incentives – a contra-revenue item – came in at $(789) million. Notably, this item accounted for 17.9% of gross revenues.Payments volume growth, on a constant dollar basis, was 12% year on year at $1.3 trillion. Total processed transactions carrying the VisaNet brand increased 9% year over year to 18.5 billion. Cross-border volume, on a constant dollar basis, grew 5% from the prior-year quarter.Total operating expenses rose 6% year over year to $1.2 billion due to increase in personnel, network and processing as well as general and administrative expenses.Financial UpdateAs of Mar31, 2016, cash and cash equivalents amounted to $15.9, up from $3.5 billion as of Sep 30, 2015. Total assets increased to $54.3 billion from $39.4 billion as of Sep 30, 2015. Total equity was $29.1 billion, down from $29.8 billion as of Sep 30, 2015.Share Repurchase and Dividends UpdateOn Apr 20, 2016 the company’s board of directors declared a quarterly cash dividend of 14 cents per share of class A common stock. The dividend is payable on Jun 7, 2016 to shareholders on record of the Company’s class A, B and C common stock on May 13, 2016.During the reported quarter, Visa repurchased shares worth $1.8 billion. The company is now left with $4.0 billion under the current authorization.Guidance ReiteratedVisa reiterated its guidance for full-year fiscal 2016. Annual net revenue growth is expected to be around 7–8% on a constant dollar basis, with an adverse foreign currency impact of about 3%.Also, Visa anticipates annual operating margin in the mid 60% range. Further, the company expects client incentives to account for 17.5−18.5% of gross revenue. Additionally, annual free cash flow is estimated to be over $7 billion. The tax rate would likely remain in the low 30% rangeZacks Rank and Other StocksVisa currently carries a Zacks Rank #2 (Buy). Some other stocks to consider from the same space are Green Dot Corporation GDOT with a Zacks Rank #1 (Strong Buy), Equifax EFX with a Zacks Rank #2 (Buy) and Fiserv Inc FISV with a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EQUIFAX INC (EFX): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report FISERV INC (FISV): Free Stock Analysis Report GREEN DOT CP-A (GDOT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research