Visa's quarterly profit rose to $6 billion, up 26% from $5.1 billion, reflecting a 26% increase in net income, with consumer spending remaining resilient despite inflationary pressures and strong labor market conditions. The FIFA World Cup contributed to a 9% rise in payments volume.
Key points
Visa's quarterly profit increased by 26% to $6 billion.: Visa's quarterly profit increased by 26% to $6 billion.
Consumer spending remained resilient despite inflation and strong labor market.: Consumer spending remained resilient despite inflation and strong labor market.
FIFA World Cup activity boosted payments volume by 9% in the quarter.: FIFA World Cup activity boosted payments volume by 9% in the quarter.
Sources checked by our analysis pipeline: 1
Oct 27 : Visa reported a jump in fourth-quarter profit on Tuesday as customers swiped their cards to pay for travel, shopping and dining out.
US consumer spending has remained resilient in the face of persistent inflationary pressures, underpinned by a strong labor market and wage growth.
The FIFA World Cup, which ran from June 11 to July 19, also helped boost activity across Visa's network as it brought many visitors to the United States.
Payments volume, a gauge of consumer and business spending on Visa's network, jumped 9 per cent in the quarter.
The world's largest payment processor's net income was $6 billion, or $3.19 per share, in the three months ended September 30, compared with $5.1 billion, or $2.62 per share, a year earlier.
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