Visa Inc.’s shares rose 2% in the extended session Tuesday after the company reported quarterly results that topped Wall Street views, saying consumer spending was “resilient.” The company posted fiscal fourth-quarter net income of $4.7 billion, or $2.27 a share, compared with $3.9 billion, or $1.86 a share, in the year-earlier period.
logged adjusted earnings per share of $2.33, whereas analysts tracked by FactSet were expecting $2.25. Visa’s revenue increased 11% to $8.6 billion, while analysts were modeling $8.56 billion. “Throughout the year, we have seen resilient consumer spending, ongoing recovery of cross-border travel spend versus 2019 and continued growth across our new flows and value-added services businesses,” Visa Chief Executive Ryan McInerney said in a statement. “As we enter a new fiscal year, I am confident in our ability to deliver against a backdrop of geopolitical and economic uncertainty.” Visa saw a 9% increased in payments volume for the September quarter, along with a 10% boost in processed transactions. Cross-border volume excluding intra-Europe transactions rose 18%, while the company recorded a 16% bump in overall-cross border volume, which occurs when cardholders make purchases from a merchant based in a country other than their cards were issued. Peer Mastercard Inc.
reports earnings before Thursday’s closing bell, while American Express Co.
called out healthy spending as it posted its own results last week.