Visa’s stock up 2% on earnings beat; card giant says consumers are ‘resilient’

Visa Inc.’s shares rose 2% in the extended session Tuesday after the company reported quarterly results that topped Wall Street views, saying consumer spending was “resilient.”

The company posted fiscal fourth-quarter net income of $4.7 billion, or $2.27 a share, compared with $3.9 billion, or $1.86 a share, in the year-earlier period.

Visa
V,
+1.35%
logged adjusted earnings per share of $2.33, whereas analysts tracked by FactSet were expecting $2.25.

Visa’s revenue increased 11% to $8.6 billion, while analysts were modeling $8.56 billion.

“Throughout the year, we have seen resilient consumer spending, ongoing recovery of cross-border travel spend versus 2019 and continued growth across our new flows and value-added services businesses,” Visa Chief Executive Ryan McInerney said in a statement.

“As we enter a new fiscal year, I am confident in our ability to deliver against a backdrop of geopolitical and economic uncertainty.”

Visa saw a 9% increased in payments volume for the September quarter, along with a 10% boost in processed transactions.

Cross-border volume excluding intra-Europe transactions rose 18%, while the company recorded a 16% bump in overall-cross border volume, which occurs when cardholders make purchases from a merchant based in a country other than their cards were issued.

Peer Mastercard Inc.
MA,
+0.84%
reports earnings before Thursday’s closing bell, while American Express Co.
AXP,
-0.12%
called out healthy spending as it posted its own results last week.

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