Visa tops Wall Street estimates

The largest financial services company in the world, Visa Inc. (NYSE: V), released the latest earnings results for Q1 of fiscal 2024 after the market closed in Wall Street on Thursday.

The US company reported revenue of $8.634 billion (up by 9% year-over-year) vs. $8.554 billion expected.

Earnings per share reported at $2.41 (up by 11% year-over-year) vs. $2.339 per share estimate.

Company overview

• Founded: 1958
• Headquarters: One Market Plaza, San Francisco, California, United States
• Number of employees: 26,500 (2022)
• Industry: Payment cards services
• Key people: Ryan McInerney (CEO), Alfred F. Kelly Jr. (Executive Chairman), Oliver Jenkyn (Group President & Global Markets), Kelly Mahon Tullier (Vice Chair & CPO), Chris Suh (CFO)

CEO commentary

“Our 2024 fiscal year is off to a solid start. In our first quarter, net revenues grew 9% and GAAP EPS grew 20%, driven by relatively stable growth in overall payments volume and processed transactions, plus strong growth in cross-border volume. Consumer spending remained resilient. Looking ahead, we continue to see significant opportunities across consumer payments, new flows and value added services,” CEO of Visa, Ryan McInerney, said in a press release to investors.

Stock reaction

Shares of Visa ended Thursday up by 0.35% at $272.61 a share.

The stock dipped in the after-hours by around 3% after the latest financial results were released.

Stock performance

• 5 day: +1.67%
• 1 month: +4.69%
• 3 months: +17.87%
• Year-to-date: +4.71%
• 1 year: +21.32%

Visa stock price targets

• Citigroup: $306
• Mizuho: $265
• KeyCorp: $300
• UBS Group: $305
• Jefferies Financial Group: $295
• BMO Capital Markets: $280
• Barclays: $278
• Raymond James: $287
• Wedbush: $270
• Oppenheimer: $252
• HSBC: $266
• JP Morgan Chase & Co.: $293
• Wells Fargo & Company: $270
• Credit Suisse Group: $275

Visa Inc. is the 13th largest company in the world with a market cap of $560.26 billion.

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Sources: Visa Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap