Proactive Investors - Visa Inc (NYSE:V, ETR:3V64)'s financial results for the fiscal second quarter came in ahead of expectations driven by growth in payments volume, cross-border volume and processed transactions as consumer spending remains strong.
The financial services company posted an adjusted profit of $5.1 billion or $2.51 per share, a 20% increase from the year-ago quarter and above the expected $2.43.
Revenue increased 10% year-over-year to $8.8 billion. Analysts had forecast revenue of $8.6 billion.
Payments volume increased 8% and total cross border volume was up 16%. Processed transactions increased by 11% to 55.5 billion.
“As we head into the second half of the year and beyond, we remain focused on the trillions of dollars of opportunity in consumer payments and new flows and on continuing to deepen our partnerships with clients around the world by adding value across our network of networks,” Visa CEO Ryan McInerney commented.
Shares of Visa traded higher following its financial report, adding 0.9% at $276.50 at noon on Wednesday.