Visa Slides After Leaving Annual Profit Outlook Unchanged

Visa Inc., the leading global payments network, saw its stock price decline in after-hours trading on Tuesday after the company maintained its annual profit outlook unchanged. Despite strong financial performance in the latest quarter, with net income rising 13% to $3.67 billion, Visa opted not to revise its full-year earnings guidance. The decision to keep its annual profit outlook stable came as a surprise to investors, who had anticipated the company might raise its forecast given the robust quarterly results. Visa's Chief Financial Officer, Vasant Prabhu, stated that the company prefers to take a cautious approach due to ongoing economic uncertainties and the potential impact of rising interest rates on consumer spending. The unchanged outlook, coupled with the company's conservative stance, triggered a selloff in Visa's stock, which dropped more than 3% in after-hours trading. Investors will be closely monitoring Visa's performance and any potential revisions to its guidance in the coming quarters as the company navigates the evolving economic landscape.