Visa Q3 Earnings Highlights: Double Beat, CEO Says Consumer Spending Remains 'Resilient'

Visa Inc V reported third-quarter financial results after market close Tuesday. Here are the key highlights.

• V is showing strength near its 52-week high. Track live prices here.

What Happened: Visa reported third-quarter net revenue of $10.17 billion, up 14% year-over-year. The revenue total beat a Street consensus estimate of $9.82 billion according to data from Benzinga Pro.

The company's revenue growth was helped by year-over-year growth in payments volume, cross-border volume and processed transactions.

Visa reported quarterly adjusted earnings per share of $2.98, beating a Street consensus estimate of $2.83.

Payments volume was up 8% year-over-year in the quarter with the company's processed transactions up 10% year-over-year.

Visa reported cross-border volume up 12% year-over-year.

"Visa delivered another strong quarter, with 14% net revenue growth, 12% GAAP EPS growth and 23% non-GAAP EPS growth," Visa CEO Ryan McInerney said. "Healthy business driver trends continued through the quarter and into the first few weeks of July."

Read Also: How To Earn $500 A Month From Visa Stock Ahead Of Q3 Earnings

What's Next: McInerney said consumer spending is "resilient" and growth for discretionary and non-discretionary spending continues in the United States.

The CEO stated that the company's forward focus is on innovation and product development in areas such as AI and stablecoins. McInerney believes these items will help "shape the future of commerce" and bring value to shareholders.

V Price Action: Visa stock is down 1.1% to $346.44 in after-hours trading Tuesday versus a 52-week trading range of $254.51 to $375.51.

Read Next:

• Visa, Disney, Blackstone And A Health Care Stock On CNBC’s ‘Final Trades’

Photo: Shutterstock