Visa Inc (NYSE:V) stock fell 1.19% (As on January 26, 11:26:01 AM UTC-4, Source: Google Finance) after the company posted a profit that beat Wall Street predictions as credit-card spending climbed amid strong US economic growth. On an adjusted basis, the company’s net income rose to $4.9 billion, in the three months ended Dec. 31, from $4.58 billion, a year earlier. Visa sees an 8% boost in payments volume during latest quarter, while processed transactions rose by 9%. However, Mizuho analyst Dan Dolev noted that U.S. payment volumes decelerated in the fiscal first quarter and in the first three weeks of January, a trend driven by debit transactions. Baird analyst David Kallo said that while the deceleration in January U.S. volumes and total processed transactions was “not a huge surprise,” those trends could cause the stock to “pull back mildly tomorrow.” Putting it all together, the step-down of about 80 basis points in total U.S. payments volume growth from Q4 to Q1 was primarily due to a less favorable mix of weekends and weekdays, as per the company.

Further, the company saw a 16% boost in volume from cross-border transactions, which take place when someone makes a purchase from a merchant based in a different country. Cross-border volume typically is seen as a proxy for international travel, though it also encompasses international e-commerce purchases.

V in the first quarter of FY 24 has reported the adjusted earnings per share of $2.41, beating the analysts’ estimates for the adjusted earnings per share of $2.33, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 9 percent to $8.63 billion in the first quarter of FY 24, beating the analysts’ estimates for revenue of $8.5 billion. Fiscal first quarter service revenues were $3.9 billion, an increase of 11% over the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 14% over the prior year to $4.4 billion. International transaction revenues grew 8% over the prior year to $3.0 billion. Other revenues of $692 million rose 18% over the prior year. Client incentives were $3.3 billion, up 20% over the prior year.

For the fiscal second quarter, Visa expects net revenue to grow at an “upper-mid” to high-single-digit rate. The company also expects earnings per share to grow at a “high-teens” pace from a year before.