Credit card giant Visa Inc. (NYSE: V) reported a sharp increase in net profit and revenues for the third quarter of 2022. The bottom line also exceeded Wall Street’s estimates.
At $7.3 billion, third-quarter revenues were up 19% year-over-year. Cross-border volume, excluding transactions within Europe, increased 48% during the three-month period.
Third-quarter earnings moved up to $3.4 billion or $1.60 per share from $2.58 billion or $1.18 per share in the same period of 2021. Adjusted earnings, excluding special items, advanced 33% year-over-year to $1.98 per share, which is well above the consensus forecast.
Check this space to read management/analysts’ comments on Visa’s Q3 2022 earnings
“Consumers are back on the road, visiting various corners of the world, resulting in cross-border travel volume surpassing 2019 levels for the first time since the pandemic began in early 2020. While the economic outlook is unclear, we remain confident in our ability to execute with discipline and expand Visa’s role at the center of money movement.,” said Alfred Kelly, Jr., CEO of Visa.