Reportedly, Visa Inc (V) had better-than-expected quarterly earnings as more Americans took advantage of a stronger dollar and flew to international destinations, and splurged on shopping and entertainment. Transactions increased 12% on a constant dollar basis to 50.9 billion in the fourth quarter that ended September 30.
Visa’s payment volumes surged 10%, while cross-border volumes jumped 36%, on a constant dollar basis. Excluding items, the world’s largest payments processor reported a profit of $1.93 a share, beating estimates of $1.86. Visa’s net income was $3.9 billion, or $1.86 per share, for the quarter, compared with $3.6 billion, or $1.65 a share, a year earlier. Net revenue rose 19% to $7.79 billion while operating expenses jumped 20% to $2.7 billion.
Chief Financial Officer Vasant Prabhu stated, “Travel outbound from the U.S. to all geographies continues to pick up steam. The strong dollar and delays in visa issuance from some countries appear to be impacting travel into the U.S.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Its mission is to connect the world through the most innovative, reliable, and secure payment network – enabling individuals, businesses, and economies to thrive. Their advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying its brand, products, people, network, and scale to reshape the future of commerce. To learn more about Visa (V) and to track its ongoing progress please visit the Vista Partners Visa (V) Coverage Page.)
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