Alfred f kelly, Chief Executive Officer of Visa Inc.

Visa said it has reported better-than-market-estimate quarterly earnings because of the company's strengthening consumer payments, its resilience in e-commerce and the ongoing recovery in cross-border travel.The company's net income, according to generally accepted accounting principles (GAAP), in the fiscal fourth quarter was $3.9 billion or $1.86 per share, an increase of 10 per cent and 13 per cent, respectively, over prior year's results.Net revenues in the fiscal fourth quarter were $7.8 billion, an increase of 19 per cent, driven by the year-over-year growth in payments volume, cross-border volume and processed transactions. Net revenues increased 23% on a constant-dollar basis.Payments volume for the reviewed quarter, on which fiscal fourth quarter service revenues are recognised, increased 12 per cent over the prior year on a constant-dollar basis. Payments volume increased 10 per cent over the prior year on a constant-dollar basis.The company said cross-border volume excluding transactions within Europe, which drives its international transaction revenues, increased 49 per cent on a constant-dollar basis for the reviewed quarter. Total cross-border volume on a constant-dollar basis increased 36 per cent in the quarter.Total processed transactions, which represent transactions processed by Visa, for the three months ended September 30, 2022, were 50.9 billion, a 12 per cent increase over the prior year.Fiscal fourth quarter service revenues were $3.5 billion, an increase of 11 per cent over the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognised based on current quarter activity.Visa Inc Chairman and Chief Executive Officer Alfred F Kelly said, "In Visa's fiscal fourth quarter, we saw a continuation of many of the spending trends present throughout 2022: Strength in consumer payments, resilience in e-commerce and ongoing recovery in cross-border travel. These trends contributed to robust full-year 2022 results, with net revenues, net income and EPS all up more than 20% year-over-year, despite broader macroeconomic uncertainty and geopolitical turmoil. As we look ahead, while some short-term uncertainty exists, we remain confident in Visa's long-term growth trajectory across consumer payments, new flows and value-added services."Data processing revenues rose 10 per cent over the prior year to $3.8 billion. International transaction revenues grew 52 per cent over the prior year to $2.9 billion. Other revenues of $551 million rose 13 per cent over the prior year.GAAP operating expenses were $2.7 billion for the fiscal fourth quarter, a 20 per cent increase over the prior year's results, primarily driven by increases in personnel and general and administrative expenses. GAAP operating expenses included the amortisation of acquired intangible assets and non-recurring acquisition-related costs in the current and prior year.Generally accepted accounting principles, or GAAP, are standards that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.Constant-dollar value (also called real-dollar value) is a value expressed in dollars adjusted for purchasing power. Constant-dollar values represent an effort to remove the effects of price changes from statistical series reported in dollar terms.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :Visa posts better-than-market-estimate quarterly earnings

Visa said it has reported better-than-market-estimate quarterly earnings because of the company's strengthening consumer payments, its resilience in e-commerce ... ...