Visa beats quarterly profit estimates on resilient consumer spending
Visa exceeded quarterly profit expectations, driven by resilient consumer spending and an 18% rise in data processing revenue, with payment volumes up 9% despite macroeconomic uncertainty. CEO Ryan McInerney cited strong performance across consumer payments and value-added services. The company announced a $20 billion share repurchase program, and shares rose 4% in extended trading. Cross-border payment volumes grew 12%, slightly below last year's pace, amid Middle East tensions affecting global travel and trade.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountVisa (V-N) beat estimates for Wall Street profit on Tuesday as the world’s largest payment processor benefited from a steady rise in payment volumes despite ongoing macroeconomic uncertainty, sending its shares up about 4% in extended trading.U.S. consumer spending rose more than expected in March as the U.S.-Israeli war with Iran boosted gasoline prices and receipts at service stations, while tax refunds supported spending elsewhere.Payments volume, a gauge of overall consumer and business spending on Visa’s network, jumped 9% in the second quarter.“Consumer spending remained resilient, and our strategy and innovations fueled strong performance in consumer payments, commercial and money movement…
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