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Credit card giant Visa Inc. (NYSE: V) has reported a double-digit increase in net profit and revenues for the second quarter of 2022. The results also exceeded Wall Street’s estimates, driving the company’s stock higher.
Visa Q2 2022 earnings infographic
At $7.2 billion, second-quarter revenues were up 25% year-over-year and above analysts’ consensus forecast. Cross-border volume, excluding transactions within Europe, increased 47% on a constant-dollar basis for the three-month period.
Second-quarter earnings moved up to $3.65 billion or $1.70 per share from $3.03 billion or $1.38 per share in the same period of 2021. Adjusted earnings, excluding special items, rose to $1.79 per share from $1.38 per share in the prior-year quarter.
Check this space to read management/analysts’ comments on Visa’s Q2 2022 earnings
“We had a very strong quarter amidst the invasion of Ukraine and our decision to suspend operations in Russia, with GAAP EPS up 23% and non-GAAP EPS up 30%. The Omicron variant impacts were short-lived and the global economic recovery that began in the middle of last year continued,” said Alfred Kelly, Jr., CEO of Visa.
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