Benzinga - Payment processor and credit card giant Visa Inc (NYSE: V) reported second-quarter financial results after market close Tuesday. Here are the key highlights.
What Happened: Visa reported second-quarter revenue of $7.99 billion, down 11% year-over-year. The revenue total beat a Street consensus estimate of $7.79 billion, according to data from Benzinga Pro.
The company reported second quarter earnings per share of $2.09, which beat a Street estimate of $1.98.
For the second quarter, Visa saw payments volume up 10% year-over-year. The company reported that cross border volume was up 24% year-over-year and up 32% year-over-year when excluding Intra-Europe.
Processed transactions were up 12% year-over-year for the company in the second quarter.
“Visa’s strong fiscal second quarter performance reflects continued focus on our growth levers – consumer payments, new flows and value added services,” Visa CEO Ryan McInerny said.
The company repurchased 10 million shares at an average price of $222.09 during the first quarter. A total of $11.8 billion remains on the existing share buyback plan as of March 31, 2023.
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What’s Next: The company will host a conference call Tuesday night to discuss the highlights. No guidance was given in the second quarter press release for future quarters.
“I have been at Visa for nearly a decade and I have never been more excited about the opportunities in front of us. We have a compelling strategy, a world-class team, fantastic clients, and an incredible set of capabilities that I believe are second to none,” McInerrney said.
The CEO said there is confidence in Visa’s ability to manage through “changing environments” given the current “macroeconomic uncertainty.”
V Price Action: Visa shares are up 2% to $235.09 in after-hours trading Tuesday at the time of writing.
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