Visa Inc. V shares are trading lower in Thursday's after-hours session after the company reported its first-quarter financial results. Here's an overview of the metrics which are moving the stock.
What To Know: Visa reported quarterly earnings of $2.41 per share which beat the analyst consensus estimate of $2.34 by 2.99%.
Revenue clocked in at $8.60 billion, surpassing the analyst expectations of $8.54 billion, a 8.37% increase over sales of $7.94 billion the same period last year.
Payments volume increased 8% while total cross-border volume rose 16%, on a year-over-year basis. Additionally, cash, cash equivalents and investment securities were $21.4 billion as of Dec. 31.
Visa also stated that it sees second-quarter net revenue growth in the upper mid to high single-digit range while full-year net revenue growth is expected to be in the low double-digit range.
"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. Consumer spending remained resilient. Looking ahead, we continue to see significant opportunity across consumer payments, new flows and value added services," said Ryan McInerney, CEO, Visa Inc.
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V Price Action: Shares of Visa were down 2.73% at $265.25 in the after-hours session at the time of publication, according to Benzinga Pro.
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