Strong payment volumes in Visa’s first quarter drove 11% growth in net revenue to $9.5bn, ignoring currency impacts. The growth also reflected healthy spending during the holiday season and 16% growth in cross-border volumes.
Underlying net profit grew by 11% to $5.5bn, slightly ahead of market forecasts.
Improved conversion of profits into cash helped boost free cash flow by 51% to $5.1bn. Net debt came to $8.2bn.
Visa spent $5.1bn on share buybacks and dividends over the quarter.
Full year guidance has been upgraded slightly, with low double-digit growth now expected for net revenue. Earnings per share growth guidance in the low-teens.
The shares were up 1.8% in pre-market trading the following day.
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Visa key facts
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