Visa Inc (NYSE:V) stock rose 2.47% (As on January 27, 11:46:23 AM UTC-4, Source: Google Finance) after the company’s profits rose 6% in its latest quarter from a year earlier, helped by the continued rise of digital payments across the globe. The company also said its current CEO, Al Kelly, will step down on Wednesday. He will be replaced by his second-in-command, Ryan McInerney. The non-GAAP net income for the quarter was $4.6 billion, increases of 17%, over prior year’s results. Payments volume for the three months ended September 30, 2022, on which fiscal first quarter service revenues are recognized, increased 10% over the prior year on a constant-dollar basis. Payments volume for the three months ended December 31, 2022, increased 7% over the prior year on a constant-dollar basis. Cross-border volume excluding transactions within Europe, which drive our international transaction revenues, increased 31% on a constant-dollar basis for the three months ended December 31, 2022. Total cross-border volume on a constant dollar basis increased 22% in the quarter. Total processed transactions, which represent transactions processed by Visa, for the three months ended December 31, 2022, were 52.5 billion, a 10% increase over the prior year.

V in the first quarter of FY 23 has reported the adjusted earnings per share of $2.18, beating the analysts’ estimates for the adjusted earnings per share of $2.01, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 12 percent to $7.94 billion in the first quarter of FY 23, beating the analysts’ estimates for revenue of $7.68 billion. This is driven by the year-over-year growth in payments volume, cross-border volume and processed transactions. Net revenues increased 15% on a constant-dollar basis.

Moreover, fiscal first quarter service revenues were $3.5 billion, an increase of 10% 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 6% over the prior year to $3.8 billion. International transaction revenues grew 29% over the prior year to $2.8 billion. Other revenues of $587 million rose 31% over the prior year. Client incentives, a contra revenue item, were $2.8 billion and represented 26.0% of gross revenues. Cash, cash equivalents and investment securities were $18.9 billion at December 31, 2022.

Additionally, the company has declared a quarterly cash dividend of $0.45 per share of class A common stock.