After the post-lockdown travel frenzies diminished and consumers’ spending decreased in the midst of a recession and a slowing economy, the Visa Inc.’s revenue growth slowed to pre-pandemic levels during the initial quarter.
The biggest payment processor worldwide, however, surpassed Wall Street earnings expectations, increasing its share price by 1.4 percent to $227.82 in late-night trade, as reported by Reuters on Friday.
International travel volumes grew 22% over the prior year, as a stronger dollar increased travel outside of the country, reducing the effects of inflation and increasing interest rates.
The volume of payments for all transactions have increased by 7 percent.
The increase was much lower than a 40 percent increase in the volume of transactions across borders and a 20% rise in payments volumes during the beginning quarters of 2021.
Visa’s revenues grew by the least amount over seven quarters, gaining by 12% in the range of $7.9 billion.
