Visa Inc (NYSE:V) shares rose in after-hours trading as the global digital payment technology company reported fiscal second quarter 2023 earnings that topped expectations on a surge in transactions during the period.
Revenue jumped 11% year-over-year to $8 billion, ahead of the consensus analyst expectation of $7.74 billion.
Adjusted net income was $4.4 billion, or $2.09 per share, up 14% and 17% respectively from the comparable quarter last year and outpacing the consensus expectation of earnings per share of $1.97.
Boosting the company’s performance this quarter was a double-digit increase in payment volumes.
Payments volume was up 10% year-over-year, with cross-border volume up 24%, cross-border volume excluding intra-Europe up 32%, and processing transactions up 12%.
“Visa's strong fiscal second quarter performance reflects continued focus on our growth levers – consumer payments, new flows and value-added services,” commented Visa CEO Ryan McInerney in a statement.
Visa shares added 2.4% at US$235.18 in after-hours trading following the release of its 2Q results.
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