Credit card giant Visa Inc. (NYSE: V) reported an increase in net profit and revenues for the fourth quarter of 2022. The results benefited from solid volume growth.
Fourth-quarter net profit moved up to $3.94 billion or $1.86 per share from $3.58 billion or $1.65 per share in the same period of 2021. Adjusted earnings, excluding special items, advanced 19% year-over-year to $1.93 per share.
At $7.8 billion, revenues were up 19%, with all four operating segments registering growth. Cross-border volume, excluding transactions within Europe, increased by 49% during the three-month period.
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“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,” said Alfred Kelly, Jr., CEO of Visa.