Visa (NYSE:V) stock fell 2.3% in after-hours trading after the payment processing giant unveiled financial results for the first quarter.
The company reported Q1 earnings per share (EPS) of $2.41, beating the consensus projection of $2.34. Revenue came in at $8.6 billion, up 9% year-over-year, and also above the estimated $8.55 billion.
On an adjusted basis, Visa’s net income increased to $4.9 billion in the quarter, up from $4.58 billion in the same period last year.
Payments volume rose 8% year-over-year in the three-month period on a constant-dollar basis.
Visa processed a total of 57.5 billion transactions during the quarter, marking a 9% rise from the previous year.
"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.
“Consumer spending remained resilient. Looking ahead, we continue to see significant opportunity across consumer payments, new flows and value added Services."