Visa’s net revenue rose 14% in the third quarter to $10.2 bn, beating analyst expectations. An 8% rise in payment volumes and a 12% increase in cross-border payments reflected resilient consumer spending.
Underlying net profit was up 19% to $5.8bn, supported by cost growth coming in a little slower than revenue, and a lower tax rate.
Free cash flow improved from $12.3bn to $15.7bn over the first three quarters, with net debt at $16.0bn.
Full-year guidance remains unchanged, with "low-double-digits" net revenue growth (consensus at 10%), and "low teens" EPS growth (consensus at 13%).
The company repurchased $4.8bn of shares in the period. A quarterly dividend of $0.59 per share was announced.
The shares fell 2.4% in afterhours trading.
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VISA key facts
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