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Visa had quarterly results out last week. Pretty much everyone with a portfolio with Vestact owns this global payments processor. We've been accumulating them since they listed on the NYSE in March 2008.
Last night Visa, our second most widely-held stock behind Apple, reported steady growth for the second quarter of 2023. Both revenue and profit figures came in higher than Wall Street expected, reflecting a resilient global consumer.
Visa is reportedly in advanced discussions to acquire Pismo, a Brazilian fintech company that offers cloud-based payment and banking platforms. The potential $1 billion deal is expected to be announced this month.
Last week Visa reported another pleasing set of quarterly numbers. Visa is a mainstay in the Vestact-recommended portfolio, the one that our clients have owned for the longest time. We started buying it when it listed in March 2008 at around (a split-adjusted) $13 a share. It now trades at $225 a share, a 1 655% return over that period.
Yesterday Visa announced their new peer-to-peer payment aggregator, called Visa+. Initially the service will allow for payments between PayPal and Venmo, two popular payment apps in the US which are both owned by PayPal Holdings Inc. To reach a maximum number of customers, users don't need to have a Visa card to use the service.
Fifteen years ago, we were first alerted to the proposed listing of Visa on the New York Stock Exchange. We were immediately interested in owning the shares for clients.
Visa released their monthly metrics from October which indicated that despite horrible global inflation, people are still spending. Global processed transactions increased 40% from 2019, slightly above the 39% expected.
On Tuesday night Visa released a strong set of results. Their revenue, profits and dividend all came in higher than expected. It is always a positive sign when a company feels confident enough to have a strong dividend increase. The good results meant Visa closed up 4.6% yesterday.
Visa reported earnings last week that topped expectations and gave an upbeat outlook as spending volumes recovered. The payments giant had revenues of $7.3 billion for the quarter, up 19% year-on-year thanks to a massive 12% increase in payments volume and a 16% increase in processed transactions. Profits soared 32% to $3.2 billion.
Visa had a tough time during Covid because their cross-border payments business was basically shut down. According to their latest monthly data, April and May have been very strong months as the world opens back up. Cross-border payments grew 47% compared to last quarter and are now 21% higher than pre-Covid 2019.
My colleagues have written about the Visa vs Amazon feud a couple of times. There's finally some good news! Amazon told customers that it has finally reached an agreement with Visa over the fees it pays to accept the payment giant's cards on its website.
On Friday, Visa released quarterly results, and the stock surged 10% on the news. The market's reaction says a thousand words. Revenues grew 24%, while net income grew 27% to $4 billion. The growth was thanks to payment volumes increasing 20% and their high margin cross border volume increasing 40%. Travel is coming back.
Yesterday Visa announced that they're launching a crypto advisory service. The company is reminding the market that they are still 'woke'. The Visa share price has been weak recently, perhaps because some investors are concerned that payments with cryptocurrencies will bypass the card networks and become more important in time.
On Tuesday night, Visa released a strong set of results, highlighting that the world is returning to normal. I love reading the Visa numbers because they show how people are spending their money, which tells us a lot about the state of the economy. The company noted that there has been a moderate recovery in travel spending and there are more in-person payments again. Overall, Visa processed 21% more transactions.
Earnings season is in full swing, and here's another one. Visa reported great results on Tuesday night. Remember that this company facilitates electronic funds transfers throughout the world, mostly through Visa-branded credit cards and debit cards.