Visa Inc (NYSE:V) has cited “resilient consumer spending” as aiding an increase in revenue and net income over the first quarter.
Reporting on Thursday, the card payment services giant said revenue had climbed 9% to US$8.6 billion during the three months to December compared to a year earlier.
Net income increased by 17% to US$4.9 billion meanwhile, with earnings per share jumping by a fifth to US$2.39.
“Consumer spending remained resilient,” chief executive Ryan McInerney commented, despite pressures on households on the back of rapid price rises.
Earnings were “driven by relatively stable growth in overall payments volume and processed transactions, plus strong growth in cross-border volume,” he said.
Payment volumes grew by 8% over the quarter, the company added, with cross-border volumes jumping 16%.
Payment volume growth slowed from the fourth quarter of 2023, however, chief financial officer Chris Suh pointed out in an earnings call, which he noted was a matter of time after wider economic uncertainty had built.
"Consumer spend across all segments from low to high spend has remained relatively stable” though, he said, adding “our data does not indicate any meaningful behaviour change across consumer segments”.
Shares slipped 3.2% in pre-market trading.