Consumer spending in the U.S. remains resilient despite persistent inflation, supporting higher transaction activity across major payments networks. Visa says fourth-quarter profit increases as customers use cards more for travel, shopping and dining, while the FIFA World Cup also lifts activity on its network.
Highlights
- Visa reports payments volume up 9% for the quarter, driven by robust consumer and business spending across its network.
- Net income rises to $6 billion ($3.19 per share) for the three months ended September 30, up from $5.1 billion ($2.62 per share) last year.
- Consumer spending in travel, shopping, and dining, aided by the FIFA World Cup influx, offsets inflationary pressures and supports Visa’s growth.
Quarter results and spending drivers
As reported by Reuters, Visa says payments volume rises 9% in the quarter, reflecting higher consumer and business spending across its network.The world's largest payment processor says net income reaches $6 billion, or $3.19 per share, in the three months ended September 30, compared with $5.1 billion, or $2.62 per share, a year earlier.
Customer card use for travel, shopping and dining out helps drive the increase, adding to signs that household spending in the U.S. stays firm.
U.S. demand supports payments sector
Persistent inflationary pressure has not derailed consumer activity, with a strong labor market and wage growth continuing to underpin spending.Visa also says the FIFA World Cup, which runs from June 11 to July 19, helps boost activity across its network by bringing many visitors to the United States.
Our earlier coverage of Wall Street’s push toward the S&P 500’s 8,000 level examined how investors were weighing strong third-quarter earnings expectations against headwinds such as higher oil prices, elevated Treasury yields, and political uncertainty. The piece also highlighted concerns about market concentration and weakening breadth, as gains were driven largely by a narrow group of megacaps despite many index components lagging.
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