Visa, Inc. (NYSE:V) reported its third-quarter financial results Tuesday. Here's a look at the key figures from the report.
The Details: Visa reported quarterly earnings of $2.42 per share which met the analyst consensus estimate. Quarterly sales came in at $8.9 billion, missing the analyst consensus estimate of $8.92 billion by 0.18% and representing a 9.57% increase over sales of $8.12 billion from the same period last year.
The company reported payments volume increased 7%, cross-border volume increased 14% and processed transactions increased 10% in the third quarter.
Total processed transactions for the three months ended June 30, 2024, were 59.3 billion, a 10% increase over the prior year. Third-quarter service revenue was $4 billion, an increase of 8% over the prior year, and is recognized based on
payments volume in the prior quarter.
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Visa repurchased 17.2 million shares of class A common stock at an average cost of $276.75 per share for $4.8 billion in the third-quarter, and the company had $18.9 billion of remaining authorized funds for share repurchases as of June 30, 2024.
The board of directors declared a quarterly cash dividend of $0.52 per share of class A common stock payable on September 3, 2024, to all holders of record as of Aug. 9, 2024.
“Visa delivered strong results in the third quarter, with net revenue growth of 10%, GAAP EPS growth of 20% and non-GAAP EPS growth of 12% … During the quarter, we expanded our partnerships with many clients around the world and announced several new innovations that will help drive the future of commerce,” said Ryan McInerney, Visa’s CEO.
V Price Action: According to Benzinga Pro, Visa shares are down 2% after-hours at $259.49 at the time of publication Tuesday.
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Image: Visa, Inc.