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Visa presented its figures for the first quarter of fiscal 2024 on Thursday evening. The US credit card provider continued to benefit from its customers' enthusiasm for spending and traveling - but this was not enough for results that were well above estimates.
In the first quarter of the 2023/24 financial year, revenue increased by nine percent to $8.6 billion compared to the previous year, as the group announced on Thursday evening. Analysts had slightly less on their radar. Management attributes the growth to good development in payment transaction volume, which improved by eight percent on a constant currency basis, as well as cross-border payment transactions, which increased by 16 percent.
The bottom line is that the competitor to American Express and Mastercard earned 17 percent more at $4.9 billion. In terms of earnings per share, this means $2.41, which was slightly above analyst estimates of $2.48.
“Our fiscal year 2024 is off to a solid start,” commented Visa CEO Ryan McInerney, according to the press release. "Consumer spending remained stable. Looking ahead, we continue to see significant opportunities in consumer payments, new payment flows and value-added services."
Investors initially reacted cautiously to the numbers. The share fell by around three percent in the first few minutes of after-hours trading. One reason for this could be that growth has slowed somewhat and sales have stagnated quarter-on-quarter.
However, Visa shares have been among the biggest winners in the Dow Jones in recent years. Visa shareholders can also look forward to an increase of over five percent since the beginning of the year. The stock had only reached its highest level in its stock market history on Tuesday at just under $273.
With material from dpaAFX.