Visa Q2 23 earnings easily beat analyst forecasts with a 14% y-o-y rise in underlying net income to $4.4bn. Positive metrics include a 10% rise in payments volume, as well as a 24% increase in cross-border transactions. Total processed transactions, for the three months to end March, were 50.1 billion, a 12% increase over the prior year.
Other highlights include a 32% increase in international cross-border transactions, which exclude Europe. Total cross-border volume on a constant dollar basis increased 24% in the quarter.
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On the other hand, operating expenses rise by 11% y-o-y. This is primarily driven by an increase in personnel expenses.
Visa generated free cash flow of $7.6bn and ended the second quarter with net debt of $6.8bn.
Visa Inc’s share price is up by 12.5% for the year to date.
Ryan McInerney, CEO, Visa Inc said: “Visa’s strong fiscal second quarter performance reflects continued focus on our growth levers. That is, consumer payments, new flows and value-added services. 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. While there is macroeconomic uncertainty, I feel confident in Visa’s ability to manage through changing environments.”
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