Shares of Visa (NYSE:V) slipped in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $2.16, which beat analysts’ consensus estimate of $2.12 per share. Sales increased by 12% year-over-year, with revenue hitting $8.1 billion. This beat analysts’ expectations by $40 million.
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In addition, there was a 9% rise in payment volume from the previous year when measured in constant currency. Excluding intra-European transactions, the cross-border volume, a key driver of international revenue, surged 22% in constant currency. The total cross-border volume saw a 17% uptick in the same period. Furthermore, the total transactions processed by Visa in this quarter amounted to 54 billion, showcasing a 10% annual growth.
Overall, Wall Street has a consensus price target of $280.67 on Visa stock, implying 17.59% upside potential, as indicated by the graphic above.
