Visa Inc. has reported its financial results for the first half of fiscal 2024 in its latest 10-Q filing. The company's net revenue for the three and six months ended March 31, 2024, increased by 10% and 9% respectively over the prior-year comparable periods. The net income for the same periods increased by 10% and 13% respectively, and the diluted earnings per share increased by 12% and 16% respectively.
Visa's operating expenses for the three and six months ended March 31, 2024, increased by 29% and 11% respectively over the prior-year comparable periods. However, when considering non-GAAP operating expenses, the increases were 11% and 9% respectively. These increases were primarily driven by higher litigation provision, general and administrative expenses, and personnel expenses.
During the six months ended March 31, 2024, Visa acquired Pismo Holdings, a global cloud-native issuer processing and core banking platform, for a purchase consideration of $929 million. Additionally, the company repurchased 25 million shares of its class A common stock in the open market for $6.4 billion during the same period. As of March 31, 2024, Visa's share repurchase program had remaining authorized funds of $23.6 billion.
Visa also provided non-GAAP financial results, excluding certain items that are not representative of its continuing operations. These include gains and losses on equity investments, amortization of acquired intangible assets, acquisition-related costs, litigation provision, and lease consolidation costs.
In terms of payments volume and processed transactions, Visa reported that nominal payments volume increased by 5% for the U.S. and 10% internationally for the three months ended December 31, 2023, compared to the prior year. For the six months ended December 31, 2023, nominal payments volume increased by 6% for the U.S. and 12% internationally compared to the prior year.
Today the company's shares have moved 1.8% to a price of $278.96. For more information, read the company's full 10-Q submission here.
