Summary by Moomoo AI
Visa Inc. reported a robust financial performance for the quarter ended December 31, 2023. The company's net revenues saw a 9% increase to $8,634 million compared to $7,936 million in the same period the previous year. Operating expenses decreased by 6% to $2,680 million, down from $2,846 million, contributing to a net income rise of 17% to $4,890 million. Diluted earnings per share also grew by 20%, from $1.99 to $2.39. The growth in net revenues was primarily attributed to an increase in nominal cross-border volume, processed transactions, and nominal payments volume, despite higher client incentives. Visa's acquisition of Pismo Holdings for $1.0 billion in cash and the repurchase of 15 million shares for $3.6 billion were significant business developments in the quarter. Looking ahead, Visa is focused on leveraging its global payments technology platform and expects its current and projected liquidity to meet projected needs for over the next 12 months. The company continues to evaluate the impact of new accounting pronouncements on its disclosures and maintains effective disclosure controls and procedures.