Visa beats profit estimates on resilient consumer spending

Adjusted net income rose to $6.3 billion, or $3.32 per share, for the three months ended June 30, from a year earlier.

Analysts on average had expected earnings of $3.23 per share, according to data compiled by LSEG.

Net revenue rose 14% to $11.63 billion, compared with the average estimate of $11.39 billion.

Operating expenses rose 19% to $4.8 billion in the third quarter, driven primarily by higher personnel costs.

Shares of the company were down about 1% in after-hours trading.

Earlier in the day, a company spokesperson confirmed a report that Visa would eliminate about 7% of its workforce, primarily in its technology and product teams, as part of an effort to improve efficiency.