Visa's Earnings Beat Forecasts On Strong Consumer Spending

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    Visa's Earnings Beat Forecasts On Strong Consumer Spending Credit card giant Visa (V) has reported first-quarter financial
    results that beat analyst estimates as consumer spending remains strong despite elevated inflation and interest rates.
    The San Francisco-based company reported earnings
    per share (EPS) of $2.51 U.S. compared to $2.43 U.S. that was expected on Wall Street.
    Revenue in the January through March quarter came in at $8.80 billion U.S., beating consensus estimates of $8.62 billion U.S. Sales were up 10% from a year earlier.
    The company attributed the positive results to strong consumer spending, particularly on travel.
    Visa's overall payment volume and cross-border volume increased 8% and 16% respectively during Q1.
    Visa continues to expand its offerings in market
    s outside the U.S., largely through acquisitions. In January, the company completed its $1 billion U.S. purchase of Brazilian financial
    -technology company Pismo.
    In terms of forward guidance, Visa reiterated its previous outlook for low-double-digit revenue growth in 2024.
    The stock of Visa has gained 18% over the past 12 months to trade at $274.11 U.S. per share.

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