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Earnings Results: Visa rides a wave of spending to an earnings beat


Visa shares gained more than 1% in after-hours trading Thursday after the financial-technology powerhouse topped earnings and revenue expectations for its latest quarter.

The company generated fiscal first-quarter net income of $4.18 billion, or $1.99 a share, compared with $3.96 billion, or $1.83 a share, in the year-before quarter. On an adjusted basis, Visa

earned $2.18 a share, up 21% from a year earlier and ahead of the FactSet consensus, which was for $2.01 a share.

Revenue rose to $7.94 billion from $7.06 billion, while analysts were anticipating $7.70 billion.

Payments volume rose 7% in the latest quarter on a constant-currency basis, while processed transactions increased 10%. Visa saw 22% growth in cross-border volume, or 31% growth when excluding transactions within Europe.

Outgoing Chief Executive Al Kelly, who will step down from his role at the start of February, noted that the company benefited from a “continued cross-border travelrecovery.”

During the December-ending quarter, Visa bought back 15.6 million shares of its class A stock at an average price of $198.74, for a total of $3.1 billion. The company had $14.0 billion left on its buyback authorization as of the end of 2022.

Visa’s report follows that from Mastercard Inc.

earlier Thursday. Mastercard beat earnings expectations for the holiday quarter while calling out “remarkably resilient” consumer spending.

Fellow payments giant American Express Co.

will deliver its own results before Friday’s opening bell.

Visa shares have advanced 8% so far this year as the Dow Jones Industrial Average

has climbed about 2%.

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