Visa (NYSE: V) announced its 2023 Q3 financial results on July 25, 2023. According to the announcement, net revenues were up 12% (YoY, 3 months). In addition, operating income and net income were up 21% and 22%, respectively. In this regard, the Increase of the company’s profits could be attributable to reduction in operating expenses.
The operating expenses were down 1% (YoY, 3 months). One of main causes for the reduction seems to be reduction in litigation provision. Amounts of other items of operating expenses are rather increasing.
In 2023 Q3, Visa’s international transaction revenues continued to grow steadily (YoY, 3 months). In this regard, cross border volume total was up 17% and cross border volume excluding intra Europe was up 22%. On the other hand, the overall payment volume remained at up 9%.
Moreover, net cash provided by operating activities was up 7% (YoY, 9 months). Free Cash Flow was up 52%.
Visa’s business performance have been driven by strong growth in international transaction revenues. However, revenue growth is slowing down and any significant increase of the company’s profit might be temporal. Attention would be paid on Visa’s future business performance.
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