Visa Shares Up 5% Following Strong Q2 Earnings Beat
2022.04.27 00:36
Visa Shares Up 5% Following Strong Q2 Earnings Beat
Visa (NYSE:V) shares rose around 5% after-hours following the company’s second quarter results, with earnings of $1.79 per share coming in better than the consensus estimate of $1.65.
Revenue grew 25% year-over-year (and 27% on a constant-dollar basis) to $7.2 billion, beating the consensus estimate of $6.83 billion. Growth was driven by a 17% year-over-year increase in payments volume, a 38% (or 47%, excluding Intra-Europe) increase in cross-border volume, and a 19% increase in processed transactions.
CEO Alfred Kelly, Jr. noted the results were “very strong” despite the invasion of Ukraine and the decision to suspend operations in Russia. He added that while the geopolitical environment remains volatile, they expect continued growth driven by a robust travel recovery and expansion of ways to pay.
The company repurchased $2.9 billion in stock during the quarter and has $9.7 billion of remaining under its current buyback plan.
Shares of Visa are down 7% year-to-date.
By Davit Kirakosyan
