© Stocksak. Visa A Earnings and Revenue Beat in Q4
By Liz Moyer
Investing.com – Visa (NYSE: ) reported fourth quarter revenue that exceeded expectations and beat analysts’ predictions.
The card giant announced earnings per share of $1.93 on revenues of $7.80billion. Investing.com polled analysts and predicted EPS of $1.87 for revenue of $7.57 trillion.
After-hours trading saw Visa shares rise 1.5%, but they are down 37% since the beginning of the year. They are still down 17.97% from their 52-week high of $236.96 on Oct. 26, 2021.
Profit was boosted because of an increase in payments volumes. This is because consumers continued to spend on cards despite fears that there might be a recession. While payment volumes in constant currency rose 10%, cross-border volumes, which record activity on cards from countries other than the country of issue, rose 36%. The summer quarter saw a boom in travel demand.
Net revenue rose 19%
Visa A follows major Information Technology sector earnings this Month
The Visa report follows a Microsoft earnings beat on Tuesday with EPS of 2.35 on revenue $50.1 billion, compared to forecasts of EPS at $2.32 on revenue $49.86 billion.
Stay informed about all the upcoming earnings reports at Investing.com’s earnings schedule