In an official press release, Visa Inc. (NYSE: V) announced its impressive financial results for the fourth quarter, surpassing expectations with Non-GAAP earnings per share (EPS) and revenue. The company reported a Non-GAAP EPS of $2.33, beating the estimate by $0.09. Additionally, Visa's revenue stood at $8.6 billion, an impressive year-over-year growth of 10.3%, exceeding expectations by $50 million.

The growth in net revenues, standing at $8.6 billion, experienced an 11% increase, primarily driven by the substantial growth in payments volume, cross-border volume, and processed transactions. On a constant-dollar basis, net revenues showed a growth rate of 10%.

Payments volume for the three months ended June 30, 2023, which is recognized in the fiscal fourth quarter service revenues, saw a 9% increase over the prior year on a constant-dollar basis. Similarly, payments volume for the three months ended September 30, 2023, also increased by 9% over the prior year on a constant-dollar basis.

Visa's cross-border volume, excluding transactions within Europe, witnessed an impressive growth rate of 18% on a constant-dollar basis for the three months ended September 30, 2023. Furthermore, total cross-border volume on a constant-dollar basis demonstrated a substantial 16% increase during the quarter.

The total processed transactions, representing transactions processed by Visa, reached an impressive 56.0 billion for the three months ended September 30, 2023, marking a 10% increase over the prior year.

In addition to the positive financial results, Visa's board of directors has decided to reward shareholders with a 16% increase in the quarterly cash dividend. The new payout will be $0.520 per share. Furthermore, the board has authorized a new multi-year share repurchase program amounting to $25.0 billion, indicating the company's confidence in its financial standing and commitment to returning value to its shareholders.

Visa's remarkable performance in Q4 reflects its ability to capitalize on the growth in the payments industry, leveraging the increasing global volume of transactions. With the ongoing advancements in electronic payments and digital transactions, Visa's strong financials and strategic initiatives position the company for further growth in the future.

Disclaimer: The above article is for informational purposes only and should not be construed as financial advice. Please consult with a qualified professional for any investment decisions.