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Key Takeaways
- Visa’s Q4 earnings at $4.9 billion, or $2.39 per diluted share, beat analyst expectations.
- The company’s revenue grew 9% to $8.6 billion.
- Robust consumer spending drove up payments volumes by 8%.
Visa Inc. ( V )’s first quarter results for fiscal year 2024 beat analyst expectations bolstered by credit card transaction volumes due to robust consumer spending. The company’s shares are down 2.42% in after-hours trading.
Net income of $4.9 billion, or $2.39 per diluted share, was up versus the $4.7 billion or $2.31 per share analyst consensus compiled by Visible Alpha. Revenue of $8.6 billion for the three months ending December was up by 9%.
| Q1 FY 2024 | Analysts’ Estimates for Fiscal Q1 2024 | Q1 FY2023 | Year-over-year % change | |
|---|---|---|---|---|
| Revenue | $8.6 billion | $8.5 billion | $7.9 billion | 9% |
| Diluted Earnings Per Share | $2.39 | $2.31 | $1.99 | 20% |
| Net Income | $4.9 billion | $4.7 billion | $4.2 billion | 17% |
“Our 2024 fiscal year is off to a solid start. In our first quarter, net revenues grew 9% and GAAP EPS grew 20%, driven by relatively stable growth in overall payments volume and processed transactions, plus strong growth in cross-border volume,” said Visa CEO Ryan McInerney in a prepared statement.
Visa has benefitted from robust consumer spending over the past year and the first quarter of its fiscal year was no different. Visa’s payments volume increased by 8% and its processed transactions grew 9%.