Visa reported fiscal third-quarter results above Wall Street estimates after saying it would cut about 2,600 jobs, or roughly 7% of its workforce.

Adjusted net income for the three months through June rose 8% from a year earlier to US$6.3 billion, or US$3.32 a share, above the US$3.23 analyst estimate compiled by Bloomberg.

Revenue increased 14% to US$11.6 billion.

Visa said it is taking a US$563 million charge tied to the layoffs. It also said spending on its payments network rose 10%, cross-border payment volume increased 13%, and processed transactions increased 10%.

The cuts come even as Visa said consumer and business spending remained resilient.

🔗 Source: Bloomberg