Wed, Jul 24, 10:02 AM (45 days ago)
Visa Inc.'s quarterly report for the period ending June 30, 2024, reveals a solid financial performance. The company reported a 10% increase in net revenue to $8.9 billion, driven primarily by growth in nominal cross-border volume, processed transactions, and nominal payments volume, despite higher client incentives. Operating expenses decreased by 4% year-over-year to $2.96 billion, mainly due to lower litigation provisions. Net income rose by 17% to $4.87 billion, with diluted earnings per share up 20% to $2.40. Cash flow from operations was $13.3 billion, slightly down from $13.8 billion in the prior year, impacted by higher incentive payments and tax outflows. Visa also repurchased $11.2 billion in shares and paid $3.2 billion in dividends. The company remains well-positioned with strong liquidity, supported by cash on hand and operational cash flow. Future uncertainties include ongoing legal matters and the impact of acquisitions, such as the $929 million purchase of Pismo Holdings.