Visa’s quarterly net revenue of $8.9-billion came in below analysts’ estimates of $8.92-billion
Visa’s third-quarter revenue growth fell short of Wall Street targets in a rare miss for the world’s largest payments processor as steep borrowing costs limited consumer spending, sending its shares down 4.6 per cent in extended trading.
“In the U.S., while growth in the high-spend consumer segment remained stable compared to prior quarters, we saw a slight moderation in the lower-spend consumer segment,” Chief Financial Officer Chris Suh told analysts. “Visa was priced for perfection back in March but has eased since then as unemployment, payment and loan delinquencies, and continued consumer disposable income concerns tick higher,” said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors., according to LSEG data. It was the company’s first such miss since early 2020.
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