Summary by Moomoo AI
Visa Inc. reported a robust financial performance for the quarter ended March 31, 2024, with a 10% increase in net revenue to $8.775 billion compared to $7.985 billion in the same period last year. Operating expenses rose by 29% to $3.421 billion, primarily due to higher litigation provision and general and administrative expenses. Net income saw a 10% rise to $4.663 billion, and diluted earnings per share increased by 12% to $2.29. Non-GAAP metrics also showed positive trends, with non-GAAP net income up by 17% and non-GAAP diluted earnings per share increasing by 20%. Visa's business development was marked by the acquisition of Pismo Holdings for $929 million, enhancing its cloud-native issuer processing and core banking platform. The company also continued its share repurchase program, buying back 25 million shares...Show More