Key facts
- Visa's fourth-quarter net income rose to $6 billion, or $3.19 per share.
- Payments volume on Visa's network increased 9% in the quarter.
- Consumer spending has remained resilient due to a strong labor market and wage growth.
Visa reported a jump in fourth-quarter profit on Tuesday, driven by resilient consumer spending on travel, shopping, and dining. The payment processor's net income increased to $6 billion, or $3.19 per share, from $5.1 billion, or $2.62 per share, in the same period a year ago. Payments volume, a key indicator of spending on Visa's network, grew by 9%. Consumer spending has been supported by a strong labor market and wage growth, despite inflationary pressures. The FIFA World Cup also contributed to increased activity across Visa's network.