Credit card giant Visa (V) has reported mixed first-quarter financial results as the U.S. economy slows.
San Francisco-based Visa announced earnings per share (EPS) of $2.32 U.S., which fell short of consensus expectations that called for a profit of $2.68 U.S.
However, revenue of $9.59 billion U.S. managed to beat Wall Street forecasts of $9.55 billion U.S. Sales were up 9% from a year earlier.
Visa’s payment volume increased by 8% during the quarter and its processed transactions rose by 9% from a year ago.
Along with its results, Visa said that its board of directors has authorized a new $30 billion U.S. stock buyback program.
The financial results and stock buybacks were announced as Visa plans to formally announce its strategy for 2025 at a separate event.
Visa’s management team said they plan to announce “new products, solutions and technology partners” that are tied to artificial intelligence (A.I.) and consumer spending at an event scheduled for April 30.
Visa’s stock has gained 9% so far this year to trade at $341.42 U.S. per share.
