Visa beat Wall Street estimates for its fiscal fourth quarter on October 27, as card spending on travel, shopping, and dining stayed firm despite economic uncertainty.

Adjusted earnings were US$3.48 a share for the three months ended September 30, above analysts’ estimate of US$3.44. Net revenue rose 13% to US$12.1 billion.

Payments volume increased 9% on a constant-dollar basis, while processed transactions rose 10%. Cross-border volume excluding intra-Europe climbed 14% on the same basis.

Finance chief Chris Suh said travel to and from the Middle East was returning closer to normal levels.

Client incentives rose 21% to US$5.1 billion, mainly driven by new deals. Visa’s shares fell about 1.4% in extended trading.

Visa also faces a US Department of Justice lawsuit filed on September 24, 2024, which alleges that the company unlawfully maintained a monopoly in debit card services.

🔗 Source: Reuters

Recent Visa developments