Visa (V) reports better-than-expected Q1 earnings

Visa (NYSE: V) stock fell 2.3% in after-hours trading after the payment processing giant unveiled financial results for the first quarter.

The company reported Q1 earnings per share (EPS) of $2.41, beating the consensus projection of $2.34. Revenue came in at $8.6 billion, up 9% year-over-year, and also above the estimated $8.55 billion.

On an adjusted basis, Visa’s net income increased to $4.9 billion in the quarter, up from $4.58 billion in the same period last year.

Payments volume rose 8% year-over-year in the three-month period on a constant-dollar basis.

Visa processed a total of 57.5 billion transactions during the quarter, marking a 9% rise from the previous year.

"Our 2024 fiscal year is off to a solid start. In our first quarter, net revenues grew 9% and GAAP EPS grew 20%, driven by relatively stable growth in overall payments volume and processed transactions, plus strong growth in cross-border volume,” said Visa CEO Ryan McInerney.

“Consumer spending remained resilient. Looking ahead, we continue to see significant opportunity across consumer payments, new flows and value added Services."

By Vahid Karaahmetovic

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