Global payments leader Visa (V, Financial) reported its financial results for the first quarter of fiscal year 2025, surpassing market expectations. The company's net revenue rose by 10% year-over-year to $9.5 billion, exceeding the anticipated $9.35 billion. Adjusted net income increased by 11% to $5.5 billion, with adjusted earnings per share reaching $2.75, outperforming the forecasted $2.66.
The impressive performance was driven by significant growth in cross-border transaction volume and processed transaction volume, which saw year-over-year increases of 16% and 11%, respectively. Visa's CEO, Ryan McInerney, highlighted the positive trends in spending during the holiday quarter and improvements in payment volume, cross-border transactions, and processed transactions.
McInerney emphasized Visa's commitment to innovation in consumer payments, new processes, and value-added services as the company progresses towards 2025. Additionally, Visa's competitor, Mastercard (MA), also reported better-than-expected earnings, partly due to stronger-than-anticipated revenue growth.
Furthermore, Visa recently announced a new partnership with Elon Musk's social platform X to expand its financial services offerings, signaling a strategic move to enhance its market presence.
