By Davit Kirakosyan
Visa (NYSE:V) reported its Q3 results Tuesday after the close, with EPS of $1.98 coming in better than the consensus estimate of $1.74. Revenue grew 19% year-over-year (or 21% on a constant-dollar basis) to $7.3 billion, compared to the consensus estimate of $7.06 billion, driven by the year-over-year growth in payments volume, cross-border volume, and processed transactions.
"Against the backdrop of macroeconomic uncertainty, significant exchange rate headwinds and the suspension of our business in Russia, Visa had a very strong quarter, with net revenues up 19%, GAAP EPS up 36% and non-GAAP EPS up 33%," CEO Alfred F. Kelly, Jr. commented. "Sustained levels of growth in overall payments volume, cross-border volume and processed transactions demonstrated the resiliency of our business model. 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."
The company’s board of directors declared a quarterly cash dividend of $0.375 per share of Class A common stock, payable on September 1, to all holders of record as of August 12.