Why Visa Stock Stumbled Today
(NYSE: V) might be an awesomely powerful payment card brand and processor around the world, but it didn't look so strong on the market Wednesday. After reporting its latest set of quarterly results, the company saw its share price decline by almost 0.7%. That was worse than the essentially flat performance of the S 500 index.
After market hours on Tuesday, Visa published its third quarter of fiscal 2023 results. Its net revenue grew by 12% on a year-over-year basis to $8.12 billion, on a 9% rise in total payments volume. On the bottom line, the payment card giant's non-GAAP (generally accepted accounting principles) adjusted profit of $4.5 billion, or $2.16 per share, represented a 7% improvement over the third quarter of fiscal 2022.
On average, analysts tracking the stock were modeling $8.06 billion for revenue, and an adjusted net income figure of $2.11 per share.
Source Fool.com
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