Visa achieves highest level in 30 days thanks to 10% profit increase
Visa Reports Strong Second Quarter 2024 Results and Partners with Standard Chartered for Cross-Border Payments
Visa’s stock rose in after-hours trading on Wall Street following the announcement of its impressive second quarter financial results. The global digital payments giant revealed that its net income for the quarter had increased to .8 billion, marking double-digit growth in revenue, net revenue, and earnings per share.
The company attributed this growth to steady increases in payment volume, cross-border transactions, and overall transactions processed. Visa’s CEO, Ryan McInerney, expressed optimism about the future, stating that they remain focused on the trillion-dollar opportunity in consumer payments.
In addition to its strong financial performance, Visa also made strategic moves during the quarter. The company completed the acquisition of Pismo, a cloud-based issuer processing and core banking platform, to enhance its offerings for customers. Visa also partnered with Skipify, a US fintech company, to improve secure digital transactions.
Furthermore, Visa announced a partnership with Standard Chartered to simplify cross-border payments. By leveraging Visa’s B2B connectivity network, the collaboration aims to provide faster and more cost-effective account-to-account payments for corporate customers globally. Initially benefiting Standard Chartered’s customers in Singapore, the partnership plans to expand to additional entities in the future.
Visa’s stock price surged more than 3% in after-hours trading on Wall Street in response to the positive financial results and strategic partnerships. The company’s focus on innovation and expansion in the digital payments space continues to drive its success in the market.
