Visa revenue grew by 9% in the first quarter – Kommersant
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Yesterday, January 25, Visa payment system presented reporting for the first quarter of fiscal 2024, ending December 31, 2023. The company’s revenue increased by 9%, amounting to $8.6 billion. Net profit increased by 17%, reaching $4.9 billion.
“Our fiscal 2024 is off to a strong start,” said Visa CEO Ryan McEnary. ”b”) relatively stable growth in the total volume of payments and the number of processed transactions, as well as an increase in the volume of cross-border transactions. Consumer spending remained resilient. Looking ahead, we also see significant opportunities in consumer payments, net cash flow and value-added services.” The volume of payments in the first quarter increased by 8%, and the number of transactions carried out by 9%.
Visa also said it expects revenue growth to be in the low double digits this year. The company noted that transaction volumes may decline in January, but only for the short term. After the report, Visa shares fell 3.4% in over-the-counter trading, after rising 4.7% earlier on Thursday, reaching a record high.
Read about cross-border money transfers in the Kommersant article “Sotto voce about success”.
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