Visa edges higher after cross-border spending boosts results

Investing.com -- Visa Inc Class A (NYSE: V) shares ticked higher after the payments giant beat expectations on adjusted profit and revenue as cross-border payment volume remained strong.

Adjusted fiscal third quarter earnings per share of $2.16 on revenue of $8.1 billion compared with expectations for earnings of $2.11 a share on revenue of $8.06B. Revenue was up 12% from the same time last year.

Shares rose 0.1% and are up 15% so far this year.

Visa said consumer spending was resilient, driving growth in payments volume and processed transactions. Summer tourism boosted cross-border volume.

Payments volume rose 9%, and cross border volume not including inside Europe rose 22%.

CEO Ryan McInerney said: “We are focused on accelerating our growth across consumer payments, new flows and value added services by investing in our brand, innovation, capabilities, people and clients so that we remain at the center of money movement for years to come.”

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