Visa tops profit estimates on resilient spending, World Cup travel

On the earnings call, CEO Ryan McInerney said the company was eliminating roles, primarily in its technology and product teams, as part of efforts to better prepare for the next phase of growth.

Earlier in the day, a spokesperson said that the company would eliminate about 7% of its workforce.

"Visa hired aggressively during growth periods. Now AI enables higher productivity per remaining employee, allowing the company to maintain or expand output in priority areas while trimming headcount," said Brian Mulberry, chief market strategist at Zacks Investment.

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

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

Adjusted profit rose to $6.3 billion, or $3.32 per share, for the quarter ended June 30, topping analysts' average estimate of $3.23, according to LSEG data.