Leading payments technology company Visa Inc. (V) reported better-than-expected earnings and revenue in the first quarter. The company’s EPS came 8.4% above analyst estimates, and its revenue beat the consensus estimate by 3.1%.
V’s payments volume in the first quarter rose 7% year-over-year on a constant-dollar basis, while total cross-border volume increased 22% year-over-year. Its processed transactions climbed 10% over the prior-year period.
Executive Chairman Alfred F. Kelly, Jr. said, “In our fiscal first quarter of 2023, Visa grew net revenues 12% year-over-year as we saw stable payments volume and processed transaction growth and a continued cross-border travel recovery. We had 8% growth in GAAP EPS, 21% growth in non-GAAP EPS, and returned $4 billion to shareholders.”
“I continue to see a bright future for Visa and believe that we have the right strategy to invest in and capitalize on…
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