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Visa posts double-digit revenue growth on resilient consumer spending
['Jaiveer Shekhawat', 'Min Read']
Yahoo Finance - Business Finance, Stock Market, Quotes, News
Investing.com -- Visa delivered better-than-expected fiscal third-quarter earnings and revenue on Tuesday, driven by resilient consumer spending and strong cross-border payment volumes.
The results underscore continued strength in consumer and business spending despite an uncertain macroeconomic backdrop, with growth in payments volume, cross-border transactions and processed payments helping the world's largest payments processor top Wall Street's quarterly expectations.
Q3 HighlightsPayments volume rose 10%, cross-border volume excluding intra-Europe increased 12%, total cross-border volume climbed 13%, and processed transactions grew 10% to 71.7 billion during the quarter.
Data processing revenue increased 17% to $6.0 billion, service revenue rose 14% to $4.9 billion, international transaction revenue grew 6% to $3.9 billion and other revenue surged 45% to $1.5 billion.
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