Credit card giant Visa (V) has reported fourth-quarter financial results that beat analysts’ forecasts across the board.
The company, which operates the world’s biggest payments network, reported Q4 2023 earnings per share (EPS) of $2.41 U.S., which beat Wall Street estimates of $2.34 U.S.
Revenue in the quarter totaled $8.60 billion U.S., up more than 9% from a year earlier and ahead of forecasts that called for $8.50 billion U.S. in sales.
Looking ahead, Visa said that it expects revenue growth in the current first quarter of 2024 in the “upper-mid to high-single digits” and growth in profit per share in the “high-teens.”
The payments company is benefiting from strong consumer spending and retail sales, both of which performed better than expected during the recent year-end holidays.
Visa said its payment volumes, which cover the holiday shopping season, rose 8% in Q4 2023, while cross-border volumes increased 16%.
The company’s total transactions for the December quarter rose 9% to $57.50 billion U.S.
The stock of Visa has risen 21% in the last 12 months to trade at $272.61 U.S. per share.
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