By Liz Moyer
Investing.com -- Visa (NYSE:V) reported fourth quarter earnings that beat analysts' forecasts and revenue that topped expectations.
The card giant announced earnings per share of $1.93 on revenue of $7.80 billion. Analysts polled by Investing.com anticipated EPS of $1.87 on revenue of $7.57 billion.
Visa shares rose 1.5% in after-hours trading but are down 37% from the beginning of the year, still down 17.97% from a 52-week high of $236.96 set on Oct. 26, 2021.
Profit was boosted by an increase in payment volumes as consumers continued to spend on their cards despite fears of a recession. Payment volumes on a constant currency basis rose 10%, while cross border volumes, which capture activity on cards outside the country of issue, rose 36%. The summer quarter featured a boom in travel demand.
Net revenue rose 19%.
Visa follows other major Information Technology sector earnings this month
Visa's report follows an earnings beat by Microsoft on Tuesday, with EPS of $2.35 on revenue of $50.1 bilion, compared to forecasts EPS of $2.32 on revenue of $49.86 billion.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar