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Visa Inc reported a rise in fourth quarter earnings thanks to strength in consumer payments, resilience in eCommerce, and an ongoing recovery in cross-border travel.
In the three months ended September 30, the financial services company reported net revenue of $7.79 billion, up 19% from $6.56 billion the previous year.
Net income climbed to $3.94 billion in the quarter, up 10% from $3.58 billion a year prior. Basic earnings per share rose to $1.86 from $1.65.
Operating income in the quarter totalled $5.09 billion, up from $4.32 billion the previous year.
Chair & Chief Executive Officer Alfred F Kelly Jr said: "In Visa's fiscal fourth quarter, we saw a continuation of many of the spending trends present throughout 2022: strength in consumer payments, resilience in eCommerce and ongoing recovery in cross-border travel"
"These trends contributed to robust full-year 2022 results, with net revenues, net income, and EPS all up more than 20% year-over-year, despite broader macroeconomic uncertainty and geopolitical headwinds."
For the year as a whole, the San Francisco-based firm
reported net revenue jumped to $29.31 billion from $24.11 billion year-on-year, while net income rose to $14.96 billion from $12.31 billion.
Basic earnings per share for the year totalled $7.01, up from $5.63 the year prior.
Looking ahead, Visa noted short-term uncertainty but said it remains confident in its long-term growth strategy.
Visa closed up 2.0% at $194.38 in New York on Tuesday. In after-hours trading, the stock was up 1.5%.
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