Credit card giant Visa (V) has reported first-quarter financial results that beat analyst estimates as consumer spending remains strong despite elevated inflation and interest rates.
The San Francisco-based company reported earnings per share (EPS) of $2.51 U.S. compared to $2.43 U.S. that was expected on Wall Street.
Revenue in the January through March quarter came in at $8.80 billion U.S., beating consensus estimates of $8.62 billion U.S. Sales were up 10% from a year earlier.
The company attributed the positive results to strong consumer spending, particularly on travel.
Visa’s overall payment volume and cross-border volume increased 8% and 16% respectively during Q1.
Visa continues to expand its offerings in markets outside the U.S., largely through acquisitions. In January, the company completed its $1 billion U.S. purchase of Brazilian financial-technology company Pismo.
In terms of forward guidance, Visa reiterated its previous outlook for low-double-digit revenue growth in 2024.
The stock of Visa has gained 18% over the past 12 months to trade at $274.11 U.S. per share.