Core Viewpoint - The recent removal of adult games from Steam has broader implications for the gaming industry, highlighting the influence of payment processors on content availability and developer survival [1][10][21]. Group 1: Steam's Actions - Steam has historically maintained strict controls over adult content, but the recent mass removal of games was unexpected and extensive [1][2]. - Following the removals, developers began altering game titles to avoid being flagged [2][3]. - On July 16, Steam updated its guidelines to include a new rule that requires compliance with the standards set by payment processors like Visa and Mastercard [10][11]. Group 2: Collective Shout's Influence - The organization Collective Shout claimed responsibility for the pressure on Steam, leveraging its influence to impact payment processors [3][5]. - Collective Shout has a history of successfully advocating against games perceived as promoting violence against women, such as GTA5 [5][21]. - The organization sent over 1,000 emails to credit card companies, arguing that certain games normalize abuse and exploitation, which pressured these companies to act against Steam [7][8]. Group 3: Payment Processors' Role - Payment processors are primarily concerned with risk management and brand protection, leading them to distance themselves from adult content [14][19]. - The lack of clear standards from payment processors means that game removals can appear arbitrary, influenced by public outcry rather than consistent criteria [21][26]. - The situation raises concerns about the power of payment processors to dictate what content is available to consumers, potentially leading to broader censorship [21][26]. Group 4: Community Response - Players have begun to organize against the influence of payment processors, with petitions gathering around 200,000 signatures, significantly outnumbering Collective Shout's support [28][31]. - The International Game Developers Association has called for greater transparency and fairness in content moderation, though its impact remains uncertain [35][37]. - The ongoing situation reflects a growing discontent with the power dynamics between content creators, platforms, and payment processors, suggesting potential future shifts in the industry [37].

Stablecoin Adoption - Visa and Mastercard indicate stablecoin usage is negligible and poses no immediate threat to their market dominance [1] - The current scale of stablecoin usage is significantly lower than Visa's $15 trillion annual transaction volume [1] Market Suitability - Visa and Mastercard suggest stablecoins are better suited for countries with unstable fiat currencies [1]

Core Insights - Visa is expanding its settlement platform to support two additional USD stablecoins: Global Dollar (USDG) and PayPal Dollar (PYUSD), as well as two blockchain networks, Stellar and Avalanche, and a Euro-backed stablecoin, EURC [1] Group 1 - Visa's global growth products and strategic partnerships head, Rubail Birwadker, stated that the company is building a multi-currency and multi-chain infrastructure to meet the needs of global partners [1] - The company believes that when stablecoins are trusted, scalable, and interoperable, they can fundamentally change the way currency flows globally [1]

Stablecoin Market - Stablecoins' transaction volume is 2x Visa's volume [1] Payment Technology - Visa adds Stellar and Avalanche to its settlement stack [1]

季度净收入表现超预期，稳定币战略夯实平台壁垒 [Table_Title] 研究报告 Research Report 31 Jul 2025 3QFY25 Net Revenue Beats Expectations, Stablecoin Strategy Reinforces Platform Moat 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：VISA 于 7 月 30 日发布 3QFY25（2025 年 4 月-6 月）业绩。 净收入表现超公司预期，增值服务收入增速强劲。2025 财年第三季度，VISA 实现净收入 102 亿美元，同比增长 14%，表现超出公司预期，主要得益于客户激励减少、外汇不利因素减弱以及增值服务收入增加；EPS 同比增长 23%，同样超出公司预期，主因净营收的强劲增长。按收入组 ...

Core Viewpoint - Visa remains a dominant player in the global payments industry, showing strong performance in 2025 despite macroeconomic challenges, with a year-to-date total return exceeding 11% compared to the S&P 500's approximately 9% [1] Financial Performance - In fiscal Q3 2025, Visa reported revenues of just under $10.20 billion, reflecting a 14% revenue growth, surpassing estimates of around 11% [2] - Adjusted earnings per share (EPS) reached $2.98, a 23% increase, exceeding the analyst estimate of 17% [2] - Q4 guidance indicates "high-single-digit to low-double-digit" revenue growth and EPS growth in the "high single-digit range," which fell short of analyst expectations [4] Business Drivers - Payment volume growth remained solid at 8% in constant currency, indicating resilience in consumer spending despite trade tensions [5] - Visa's value-added services (VAS) experienced robust growth of 26% in constant currency, up from 22% in the previous quarter, enhancing Visa's market position [7] Consumer Trends - Consumer spending is described as "resilient," which is crucial for Visa as it accounts for about two-thirds of the U.S. GDP [6] Strategic Initiatives - Visa Direct, the company's remittance platform, saw a 25% increase in transactions and added several new banks, highlighting its potential for growth in cross-border transactions [10] - The company is integrating stablecoins into Visa Direct, which may facilitate faster cross-border money movement and cater to emerging market economies [11][12] Market Outlook - Despite a drop in shares post-earnings release, Visa's long-term strength is attributed to its global scale, technological readiness, and strategic initiatives [13] - The conservative guidance may reflect caution amid macro uncertainties but does not undermine Visa's strategic momentum [14]

The people who have sold Visa tend to be really stupid. Now, I don't know how they did in their SATs or what schools they got into. It doesn't really matter.But I do think that this is another great quarter from Visa. Well, that was Jim Kramer earlier this morning after the report. Stock is up 1%.Where'd you go to school. We all Jim Leventhal sold you sold Visa. Yeah. Yeah.You didn't just trim Visa, you sold Visa. Yeah. Um why did you do that.Uh let me just start by saying there's no forever stock. Okay. Do ...

Core Insights - Visa Inc. reported Q3 fiscal 2025 EPS of $2.98, exceeding the Zacks Consensus Estimate of $2.86 by 4.2%, with a year-over-year increase of 23.1% [1][9] - Net revenues reached $10.2 billion, reflecting a 14.3% year-over-year growth and surpassing the consensus mark by 3.1% [1][9] Business Performance - The increase in quarterly results was driven by higher processed transactions and payment volumes, although partially offset by rising operating expenses [2] - Visa's payments volume grew 8% year over year on a constant-dollar basis, with processed transactions increasing 10% to 65.4 billion, exceeding expectations [3][9] - Cross-border volume rose 12% year over year, with a notable 11% increase excluding intra-European transactions [4] Revenue Breakdown - Service revenues increased 9% year over year to $4.3 billion, aligning with consensus estimates [5] - Data processing revenues grew 15% year over year to $5.2 billion, surpassing the Zacks Consensus Estimate [5] - International transaction revenues rose 14% year over year to $3.6 billion, driven by higher cross-border volumes [6] - Other revenues reached $1 billion, climbing 32% year over year [6] Operating Expenses - Adjusted operating expenses increased 13% year over year to $3.3 billion, primarily due to higher marketing and administrative costs [7] - Interest expenses significantly decreased by 80.1% year over year to $39 million [7] Balance Sheet Highlights - As of June 30, 2025, Visa had cash and cash equivalents of $17.1 billion, up from $12 billion at the end of fiscal 2024 [8] - Total assets increased to $100 billion from $94.5 billion at the end of fiscal 2024 [8] - Long-term debt decreased to $19.6 billion from $20.8 billion as of September 30, 2024 [8] Cash Flow and Capital Deployment - Visa generated net cash from operations of $6.7 billion, a 31.1% year-over-year increase, with free cash flows at $6.3 billion, up 33.3% [10] - The company returned $6 billion to shareholders through share buybacks and dividends, with $29.8 billion remaining under its repurchase program [11] Future Outlook - For Q4 FY25, Visa anticipates high-single-digit to low-double-digit growth in net revenues and low double-digit growth in operating expenses [12] - EPS is expected to grow in the upper-mid to high-single digits [12] - For fiscal 2025, management projects low double-digit growth in net revenues and operating expenses, with EPS growth in the low teens [13]

logo, but there is the applause building here. Of course, we're going to have a very big IPO tomorrow, by the way, in Sigma. Sigma.Yeah, I know that deal quite well. Yeah, we'll talk about that as well. Here at the big board, though, now celebrating an IPO as well as Andy, the designer of ultra low power shifts for AI computing.We're going to speak to the studio in a couple of hours and that will be great. He as we know from Arm Holings and Rene Hawk, right. And over doing the honors to go project a nonprof ...

Key Takeaways Visa reported Q2 EPS of $2.98 and revenue of $10.17B, beating consensus estimates on both metrics.Payments volume rose 8% and transactions grew 10%, with all business segments topping estimates.Visa is expanding stablecoin settlements and embedding AI in over 100 products to boost growth and security.The global financial transaction services giant Visa Inc. (V) reported solid quarterly adjusted earnings of $2.98 per share, beating the Zacks Consensus Estimate of $2.86. This compares to earning ...