Yahoo! Finance
Visa Inc’s revenue growth continued to wind back to pre-pandemic levels in the first quarter as the post-lockdown travel craze ebbed and consumer spending slowed in a tough economy.
The world’s largest payments processor still surpassed Wall Street targets for profit, sending its shares up 1.4% to $227.82 in after-hours trading on Thursday.
Cross-border volumes – a key measure that tracks spending on cards beyond the country of issue – jumped 22% year-over-year on a constant dollar basis as a stronger greenback boosted out-of-U.S. travel by softening the hit from inflation and rising interest rates.
Total payment volumes rose 7%.