Visa profit rises on resilient consumer spending

Visa profit rises on resilient consumer spending

(Reuters) -Visa Inc reported a rise in first-quarter profit on Thursday, helped by a jump in payment volumes as consumer spending held up despite a slowing economy.

Americans continued to spend on entertainment and international travel during the holiday quarter, as a stronger dollar helped offset the impact of inflation and rising interest rates.

On a constant dollar basis, Visa‘s payment volumes rose 7% for the three months ended Dec. 31, 2022. That helped revenue at the world’s largest payments processor jump 12% to $7.9 billion.

Excluding items, the San Francisco-based card company earned $2.18 per share, compared with analysts average estimate of $2.01 a share, according to Refinitiv IBES data.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Devika Syamnath)

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