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Visa reports Q4, full-year revenues with double-digit growth

SAN FRANCISCO
2023-10-25 07:11

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SAN FRANCISCO, Oct. 24 (Xinhua) -- Visa Inc. on Tuesday reported the financial results for its fiscal fourth quarter and full year 2023.

The company's GAAP (Generally Accepted Accounting Principles) net income in the fiscal fourth quarter was 4.7 billion U.S. dollars, or 2.27 dollars per share, an increase of 19 percent and 22 percent, respectively, year over year.

The GAAP net income in the fiscal full year 2023 was 17.3 billion dollars, or 8.28 dollars per share, an increase of 15 percent and 18 percent, respectively, over the prior year's results.

Its net revenues in the fiscal fourth quarter were 8.6 billion dollars, an increase of 11 percent, driven by the year-over-year growth in payments volume, cross-border volume and processed transactions. Net revenues increased 10 percent on a constant-dollar basis.

The net revenues in the fiscal full year 2023 were 32.7 billion dollars, an increase of 11 percent. Net revenues increased 13 percent on a constant-dollar basis.

Total processed transactions, which represent transactions processed by Visa, for the three months and the 12 months ending Sept. 30, 2023, were 56.0 billion and 212.6 billion dollars, respectively, sharing a 10 percent increase over the prior year.

The company's fiscal fourth quarter service revenues were 3.9 billion dollars, an increase of 12 percent over the prior year.

The GAAP operating expenses were 3.1 billion dollars for the fiscal fourth quarter, a 13 percent increase over the prior year's results, primarily driven by increases in personnel expenses and litigation provision.

Cash, cash equivalents and investment securities were 22.0 billion dollars on Sept. 30, 2023.

The weighted average number of diluted shares of class A common stock outstanding was 2.07 billion for the quarter ending Sept. 30, 2023.

"We finished our fiscal year with strong fourth quarter performance... Throughout the year, we have seen resilient consumer spending, ongoing recovery of cross-border travel spend versus 2019 and continued growth across our new flows and value-added services businesses," said Ryan McInerney, Chief Executive Officer of Visa Inc.

"As we enter a new fiscal year, I am confident in our ability to deliver against a backdrop of geopolitical and economic uncertainty. There is tremendous opportunity ahead and I am as optimistic as ever about Visa's role in the future of payments," he added.
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