Visa plans layoffs despite strong end to FY 2024

By the numbers: Visa’s net revenues increased 10% YoY for its fiscal year 2024 (ending September 30), per its earnings release. Q4 net revenues increased 12% YoY.

What’s driving revenues?

• Card spend. Payments volume increased 8% YoY for the full year, driven by international volume (10%) and debit (9%). US card volume and global credit card volume underperformed, at 5% and 7% growth, respectively.
• Value-added services. Revenues in this segment grew 22% during the year, driven by value-added services like Visa Account Updater, Verifi, and non-payment services marketing and consulting.