Visa increased revenue by 11% in the fourth quarter, stronger than forecasts
The company's net profit in July-September was $4.7 billion, or $2.27 per class "A" share, compared with $3.94 billion, or $1.86 per share, for the comparable period a year earlier.
Earnings excluding one-time factors increased to $2.33 per share from $1.93 per paper a year earlier.
Revenue increased by 11% to $8.6 billion from $7.8 billion.
The average forecast of experts surveyed by FactSet for adjusted earnings was $2.25 per share. They estimated revenue at $8.56 billion.
In the last quarter, the number of transactions on Visa cards increased by 10%, to 56 billion, the volume of payments increased by 9%.
The volume of cross-border payments, excluding currency fluctuations, jumped by 16%. The indicator, excluding transactions made within Europe, increased by 18%.
Visa raised its quarterly dividend by 16%, to 52 cents from 45 cents per share. In addition, the company's management approved a share repurchase program worth up to $25 billion.
In the past fiscal year, the company's net profit as a whole increased by 18%, to $17.3 billion, or $8.28 per share. Revenue increased by 11% to $32.7 billion.
In 2024, Visa expects revenue growth of 7-13% (high single-digit to low double-digit) and an increase in earnings per share of 18-19% (high teens).
Since the beginning of 2023, Visa's capitalization has increased by 12.9% (to $471.3 billion), while the Standard & Poor's 500 stock index has gained 10.6%.