{"id":40651,"date":"2023-07-26T08:12:55","date_gmt":"2023-07-26T12:12:55","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/visa-earnings-benefit-from-resilient-spending-though-stock-dips-as-growth-slows\/"},"modified":"2023-07-26T08:12:57","modified_gmt":"2023-07-26T12:12:57","slug":"visa-earnings-benefit-from-resilient-spending-though-stock-dips-as-growth-slows","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40651","title":{"rendered":"Visa earnings benefit from \u2018resilient\u2019 spending, though stock dips as growth slows"},"content":{"rendered":"
\n

Visa Inc. called out robust spending trends as the payment-technology giant topped earnings and revenue expectations for its latest quarter, though its shares ticked lower after Tuesday\u2019s report.<\/p>\n

The company logged a 9% increase in payments volume during the June quarter, along with a 10% increase in processed transactions. <\/p>\n

\n

\u201cThe consumer is resilient and stable,\u201d Chief Financial Officer Vasant Prabhu told MarketWatch. While people may have shifted their spending preferences since the pandemic days \u2014 allocating a greater portion of their budgets toward experiences rather than retail goods \u2014 aggregate spending is still growing at a healthy rate, he said.<\/p>\n

Visa\u2019s
\n V,
\n -0.85%<\/bg-quote>
\n cross-border volume excluding intra-Europe transactions rose 22%, while overall cross-border volume was up 17%. Cross-border transactions occur when a cardholder spends with a merchant based in a country other than where their card was issued, and it is often viewed as a proxy for travel-related spending, though it also includes other elements such as cross-border e-commerce. <\/p>\n

\u201cThe travel recovery still has legs,\u201d Prabhu said, noting that there\u2019s still plenty of room to rebound in Asia, which was slower to reopen after COVID-19 shutdowns. \u201cWe\u2019re nowhere near the end of it.\u201d<\/p>\n

RBC Capital Markets analyst Daniel Perlin highlighted that Visa showed \u201ca slight sequential deceleration across payment volumes, cross-border volumes and processed transactions\u201d in the June quarter. The company saw 10% growth in payment volume during the March quarter, for instance, versus a 9% rise seen in the June period.<\/p>\n

Visa shares were off about 0.4% in aftermarket action.<\/p>\n

Don\u2019t miss<\/strong>: Upstart may be gearing up for a big beat, but does its stock already reflect that?<\/p>\n

Visa\u2019s revenue for its fiscal third quarter rose to $8.12 billion from $7.28 billion, while analysts tracked by FactSet were expecting $8.06 billion.<\/p>\n

The company reported fiscal third-quarter net income of $4.2 billion, or $2.00 a share, compared with $3.4 billion, or $1.60 a share, in the year-earlier period. On an adjusted basis, Visa earned $2.16 a share, while the FactSet consensus was for $2.11 a share. <\/p>\n

Visa\u2019s earnings offer a read on the consumer-spending landscape and they arrive after American Express Co.
\n AXP,
\n -0.77%<\/bg-quote>
\n delivered its own results several days before. Amex executives highlighted healthy consumer activity among the company\u2019s base of affluent cardholders, though spending growth slowed, indicative of potentially tougher comparisons going forward for payment-technology companies that benefited from last year\u2019s post-pandemic economic reopening.<\/p>\n

See also<\/strong>: American Express\u2019s millennial-spending boom could cool amid student-debt repayments, says analyst<\/p>\n

Read<\/strong>: Why American Express is feeling good about credit, even as it builds reserves<\/p>\n

Mastercard Inc.
\n MA,
\n -0.87%<\/bg-quote>
\n will follow with results of its own before Thursday\u2019s opening bell.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Visa Inc. called out robust spending trends as the payment-technology giant topped earnings and revenue expectations for its latest quarter, though its shares ticked lower after Tuesday\u2019s report. The company logged a 9% increase in payments volume during the June quarter, along with a 10% increase in processed transactions. \u201cThe consumer is resilient and stable,\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":40652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-40651","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nVisa earnings benefit from \u2018resilient\u2019 spending, though stock dips as growth slows | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Visa Inc. called out robust spending trends as the payment-technology giant topped earnings and revenue expectations for its latest quarter, though its\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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