Visa Inc. (V)'s first quarter results for fiscal year 20🎃24 beat analyst expectations bolstered by credit card transaction volumes due to robust consumer spending. The company's shares aဣre down 2.42% in after-hours trading.

Net income of $4.9 billion, or $2.39 per diluted share, was up versus the $4.7 billion or $2.31 per share analyst consensus compiled by Visible Alpha. Revenue of $8.6 billion for the three months ending December was up by 9%.

"Our 2024 fiscal year is off to a solid start. In our first quarter, net revenues grew 9% and GAAP EPS grew 20%, driven by relatively stable growth in overall payments volume and processed transactions, plus strong growth in cross-border volume," said Visa CEO Ryan McInerney in a prepared statement.

Visa has benefitted from robust consumer spending over the past year and the first quarter of its fiscal year was no different. Visa's payments volume increased by 8% and its processed transactions grew 9%.