BAKU, Azerbaijan, January 26. Visa Inc., the largest payment system operator in the United States, boosted its net profit by 17 percent and revenue by nine percent in the first quarter of fiscal year 2024, Trend reports.
According to Visa's report, net income for the October through December period was $4.8 billion, up 17 percent year on year.
The fiscal year in the United States runs from October 1 to next year's September 30.
In addition, earnings per share rose from $1.99 to $2.39. Non-adjusted earnings excluding one-time variables came in at 2.41 percent per share, exceeding analysts' average projection of $2.34 per share.
Revenue for the company's most recent quarter was $8.63 billion, nine percent higher than the previous year's quarter and higher than analysts' expectations of $8.55 billion.
Card transaction volume reached $7.5 billion in the period, a nine percent rise over the first quarter of last year.
Payments volume, excluding the impact of currency changes, grew eight percent and cross-border payments increased 16 percent.
Visa repurchased 14 million of its stock for a total of $3.4 billion in the latest quarter. The company also approved a quarterly dividend of $0.52 per share.
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