Visa reported fiscal third-quarter results on Tuesday, showing net revenue of $11.6 billion, a 14% increase over the prior year, driven by growth in payments volume, cross-border volume, and processed transactions.
GAAP net income for the quarter ended June 30 was $5.6 billion, or $2.97 per share, up 7% and 10%, respectively, from the prior year. Excluding special items, non-GAAP net income was $6.3 billion, or $3.32 per share, increases of 8% and 11% over the prior year.
Payments volume grew 10% on a constant-dollar basis for the three months ended June 30. Total processed transactions reached 71.7 billion, a 10% increase over the prior year. Cross-border volume excluding transactions within Europe rose 12% on a constant-dollar basis, while total cross-border volume increased 13%.
Data processing revenue rose 17% over the prior year to $6.0 billion, while service revenue grew 14% to $4.9 billion. International transaction revenue grew 6% to $3.9 billion, and other revenue rose 45% to $1.5 billion. Client incentives were $4.7 billion, up 18% over the prior year.
GAAP operating expenses were $4.8 billion for the quarter, a 19% increase over the prior year, driven by higher personnel costs. Current-quarter results included $563 million in severance costs and a $237 million litigation provision tied to the interchange multidistrict litigation case, among other special items.
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GAAP net income for the quarter ended June 30 was $5.6 billion, or $2.97 per share, up 7% and 10%, respectively, from the prior year. Excluding special items, non-GAAP net income was $6.3 billion, or $3.32 per share, increases of 8% and 11% over the prior year.
Payments volume grew 10% on a constant-dollar basis for the three months ended June 30. Total processed transactions reached 71.7 billion, a 10% increase over the prior year. Cross-border volume excluding transactions within Europe rose 12% on a constant-dollar basis, while total cross-border volume increased 13%.
Data processing revenue rose 17% over the prior year to $6.0 billion, while service revenue grew 14% to $4.9 billion. International transaction revenue grew 6% to $3.9 billion, and other revenue rose 45% to $1.5 billion. Client incentives were $4.7 billion, up 18% over the prior year.
GAAP operating expenses were $4.8 billion for the quarter, a 19% increase over the prior year, driven by higher personnel costs. Current-quarter results included $563 million in severance costs and a $237 million litigation provision tied to the interchange multidistrict litigation case, among other special items.
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