Visa stock price slides after earnings beat as cross-border slowdown and costs test bulls
Visa shares fell 3% to $321.83 Friday despite beating quarterly profit and revenue forecasts. Net revenue rose 15% to $10.9 billion, but operating expenses jumped 27% after a $707 million litigation charge. Cross-border volume growth slowed to 12%. Visa repurchased $3.8 billion in shares and raised its expense outlook for the next quarter.