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Of Pritam Biswas
(Reuters) -Visa exceeded Wall Street estimates on Tuesday for quarterly benefits, as the world’s largest payment processor benefited from a constant increase in card payment volumes, and the company presented a $ 30 billion actions repurchase plan.
The volume of payments: a caliber of general consumer and business spending on the visa network, increased by 8% in the second quarter, while income increased by 9% to $ 9.6 billion.
The expenditure of US consumers remained resistant during the period of strong salary growth and low unemployment rates, but inflationary expectations and rates related growth concerns have now weighed the feeling of consumption.
“Although we are certainly not immune to macroeconomic impacts, our incredibly diverse business model has been shown resistant to several environments, more recently in the second quarter, and we see that this resilience is reproduced in our financial perspectives,” said CEO Ryan Mclnerney in a call.
American Express, which generally attends to tributary customers, also overcome estimates for the beginning of the month. Mastercard will report its quarterly income a week.
Visa shares increased by 1% in the negotiation after the bell. They have risen more than 8% so far this year, exceeding the gain of 2.5% of mastercard and 10% of American Express.
Visa also strengthened the annual growth forecast for net revenue up to a low high digit digit until low two -digit expectations. The street was expecting a growth of 10%, according to data collected by LSEG.
The company’s fresh repurchase program was higher than its $ 25 billion repurchase announced by 2023.
The company registered a tight benefit of $ 5.4 billion, or $ 2.76 per action, in the three months ending on March 31. Compared to $ 5.1 billion, or $ 2.51 per action, a year earlier.
Analysts expected a tight benefit of $ 2.68 per action.
(Report of Pritam Biswas in Bengaluru; edition of Sriraj Kalluvila)
