For the first quarter of 2010, net income attributable to the company was $884m, compared to $763m for the same period in 2009.

Total operating expenses for the first quarter of 2010 were $872m, compared to $743m for the same period in 2009. Operating income was $1.36 billion, compared to $1.21 billion for the same period in 2009.

Visa affirms its financial outlook for the following metrics through 2011 which includes annual net revenue growth: 11 percent to 15 percent range; client incentives as a percent of gross revenues: 16 percent to 16.5 percent range; marketing expenses: Less than $900m; annual operating margin: About 60 percent; GAAP tax rate: 36.5 percent to 37 percent range; annual diluted class A common stock earnings per share growth of greater than 20 percent; capital expenditures: Between $250-$275m;

Joseph Saunders, chairman and CEO of Visa, said: “Visa’s first quarter was a great start to our fiscal 2011 as evidenced by strong earnings fueled by continued growth in payments volume, cross border volume and processed transactions globally - our core business.

“Visa is in a strong position to continue to accelerate the migration to electronic payments, particularly in economies where cash and check remain predominant. We are intensely focused on growing Visa’s revenue globally, working alongside our financial institution, merchant, technology and government partners. In parallel, we are aggressively investing to expand Visa payment services through new technology platforms, like mobile, eCommerce and money transfer, to extend the reach and value of our global network.”

Will the company further increase operating revenues in Q2?

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