Group 1 - The core issue revolves around players protesting against Visa and MasterCard for pressuring platforms like Steam to remove adult games, leading to a massive influx of calls and emails directed at these card organizations [1][2]. - Players have initiated a form of artificial DDoS attack by flooding Visa and MasterCard with communications, demanding the reversal of their policies that led to the removal of adult content from gaming platforms [2][3]. - Despite the players' efforts, customer service representatives at Visa and MasterCard have limited authority to address these concerns, and the protests may not lead to significant changes in policy [3]. Group 2 - The situation has prompted players to share resources on social media platforms, guiding each other on how to effectively communicate their grievances to the card organizations [3]. - There is skepticism regarding the long-term impact of these protests, as traditional financial institutions may overlook such movements over time, but it could lead to more cautious policy changes in the future [3].

Visa Flags Modest Stablecoin Uptake, Calls for Clear US Regulation► https://t.co/vghobjeljN https://t.co/vghobjeljN ...

Core Insights - Visa reported record Q3 revenue of $10.2 billion, a 14% year-over-year increase, and adjusted EPS of $2.98, up 23%, exceeding analyst expectations [1] - The company maintained its full-year earnings guidance, expecting EPS growth of 11%-13% and low double-digit revenue growth [1] - Despite strong quarterly performance, Visa's stock fell 2.3% post-earnings due to the lack of an upward revision in full-year guidance [1] Financial Performance - Q3 net profit grew 19% to $5.8 billion, with total payment volume reaching $3.62 trillion, surpassing the $3.59 trillion forecast but down from $3.94 trillion in Q2 [1] - Year-over-year payment volume increased by 8%, with cross-border payment volume up 12% and transaction volume rising by 10% [1] - Compared to Q2, payment volume grew by 8%, cross-border payment volume by 13%, and transaction volume by 9% [1] Market Outlook - Visa's CFO indicated that revenue and EPS growth are expected to exceed previous forecasts, while the CEO noted strong consumer spending trends [1] - Analysts suggest that despite Visa's strong performance, the market's expectations for significant upward revisions may not have been met, impacting stock performance [1][2] - The company is recognized for its steady control over the payment system without resorting to exaggerated marketing tactics, which may influence its valuation perception [2]

Market Overview - The S&P 500 and Nasdaq reached intra-day record highs but closed in the red, with the Dow down 204 points (-0.46%), S&P 500 down 18 points (-0.30%), Nasdaq down 80 points (-0.38%), and Russell 2000 down 13 points (-0.61%) [1] - Trade deals are progressing but lack the strength to drive the market higher, with Q2 earnings showing some weaknesses outside of Big Tech [2] Federal Reserve Policy - A new announcement on Fed policy is expected, with the current interest rate of 4.25-4.50% likely to remain unchanged for the fifth consecutive FOMC meeting [3] - Some analysts anticipate dissent among Fed members regarding the need for rate cuts despite current unemployment at +4.1% and inflation at +2.7% [3] Earnings Reports - **Starbucks (SBUX)**: Reported Q3 earnings of $0.50 per share, missing the consensus of $0.65, attributed to a one-time charge of $0.11. Revenues were $9.50 billion, exceeding expectations of $9.30 billion. Same-store sales fell -2% compared to a -1.3% consensus [4][5] - **Visa (V)**: Reported earnings of $2.98 per share, beating expectations of $2.86, with revenues of $10.2 billion surpassing the $9.87 billion forecast. Despite strong performance, shares fell -3% in after-hours trading [6] - **Booking Holdings (BKNG)**: Reported Q2 earnings of $55.40 per share, exceeding the $50.59 estimate, with revenues of $6.8 billion above the $6.56 billion consensus. Gross bookings reached $46.7 billion [7] - **Mondelez (MDLZ)**: Reported earnings of $0.73 per share, beating estimates by $0.05, with revenues of $8.98 billion exceeding the $8.88 billion expectation. The company faced challenges from rising cocoa prices and tariffs [8] Upcoming Market Events - The earnings season is expected to peak with reports from major companies like Microsoft and Meta Platforms, along with others such as Ford and Qualcomm [9] - Private-sector payroll data from ADP is anticipated, with a consensus of +64K jobs for July, following a previous decline of -33K [10] - Q2 GDP is projected to rebound to +2.3% from Q1's -0.5%, influenced by tariff policies and economic outlook improvements [10]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33977 VISA INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) P.O. B ...

Financial Data and Key Metrics Changes - Visa reported net revenue of $10.2 billion, an increase of 14% year over year, and EPS rose by 23% year over year [6][35][42] - Overall payments volume grew by 8% year over year in constant dollars, with U.S. payment volume increasing by 7% and international payments volume by 10% [6][35][36] - Cross-border volume, excluding intra-Europe, rose by 11% in constant dollars, and processed transactions grew by 10% year over year [7][35][36] Business Line Data and Key Metrics Changes - Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transaction growth [41] - Commercial and Money Movement Solutions (CMS) revenue grew by 13% year over year in constant dollars, with Visa Direct transactions increasing by 25% [15][42] - Value-added services revenue reached $2.8 billion, growing by 26% year over year in constant dollars, driven by strength across all portfolios [25][42] Market Data and Key Metrics Changes - Total international payments volume increased by 10% year over year, consistent with Q2 when adjusted for leap year [35][36] - U.S. payments volume growth was generally consistent with Q2, with e-commerce growing faster than face-to-face spend [36][38] - Cross-border volume growth remained strong and above pre-COVID levels, despite currency weakness and travel impacts [31][39] Company Strategy and Development Direction - Visa is focused on innovation in areas such as AI and stablecoins, with a commitment to evolving its product offerings [8][20] - The company aims to deepen relationships with clients and expand its digital payment solutions, including account-to-account payments and open banking initiatives [14][19] - Visa's strategy includes enhancing its value-added services and leveraging its global scale to capture growth opportunities [32][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of consumer spending and the company's ability to navigate macroeconomic challenges [30][48] - The outlook for Q4 remains strong, with expectations for continued growth in net revenue and EPS [46][48] - Visa is planning for FY 2026, evaluating various macroeconomic scenarios and client renewals to drive future growth [95][96] Other Important Information - Visa's operating expenses grew by 13%, primarily due to higher personnel costs and lower-than-expected FX benefits [43][66] - The company issued €3.5 billion in fixed-rate senior notes and repurchased approximately $4.8 billion in stock during the quarter [43][44] - Visa is actively involved in the stablecoin space, supporting regulatory clarity and exploring its use in remittances and cross-border transactions [20][23] Q&A Session Summary Question: Follow-up on the fourth quarter guide - Management indicated that Q4 is expected to be fundamentally strong, with resilient consumer spending and normalization of prior one-time impacts [52][54] Question: Investment priorities and operating expenses - Management confirmed that investment priorities remain unchanged, focusing on product development and growth, while Q3 operating expenses were higher due to FX and personnel costs [62][66] Question: Spread between international transaction fees and nominal cross-border volume - Management explained that the spread was impacted by higher currency volatility, hedging losses, and changes in mix, particularly with U.S. inbound travel [70][74] Question: Visa Direct's growth and pricing dynamics - Management highlighted Visa Direct's significant growth and its role as a cross-border money movement platform, with pricing strategies varying by region and use case [78][84] Question: Expectations for volume transactions in fiscal 2026 - Management expressed confidence in the growth potential across its business segments and the ongoing momentum in value-added services [90][92] Question: Role of stablecoins in remittances - Management discussed the potential for stablecoins to facilitate faster and cheaper cross-border transactions, benefiting both consumers and service providers [100][104] Question: Growth of advisory services related to stablecoins - Management confirmed strong growth in the advisory business, particularly around stablecoins, and highlighted opportunities for monetization through consulting services [108][110]

Financial Data and Key Metrics Changes - The company reported net revenue of $10.2 billion, an increase of 14% year over year, and EPS rose by 23% year over year [6][35] - Overall payments volume grew by 8% year over year in constant dollars, with U.S. payment volume increasing by 7% and international payments volume by 10% [6][35] - Cross-border volume, excluding intra-Europe, rose by 11% in constant dollars, and processed transactions grew by 10% year over year [6][35] Business Line Data and Key Metrics Changes - Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transaction growth [42] - Commercial and money movement solutions revenue grew by 13% year over year in constant dollars, with Visa Direct transactions increasing by 25% [42] - Value-added services revenue reached $2.8 billion, growing by 26% year over year in constant dollars, driven by strength across all portfolios [43][25] Market Data and Key Metrics Changes - Total international payments volume increased by 10% year over year, consistent with Q2 when adjusted for leap year [35] - U.S. payments volume growth was generally consistent with Q2, with e-commerce growing faster than face-to-face spend [36] - Cross-border volume growth remained strong and above pre-COVID levels, despite impacts from currency weakness and travel to specific countries [32] Company Strategy and Development Direction - The company is focused on advancing its product developments in areas such as AI and stablecoins, aiming to lead in consumer payments, commercial solutions, and money movement [8][21] - Visa is enhancing its digital future through innovations like Visa Intelligent Commerce and the Flex credential, which targets various use cases [12][9] - The company is committed to expanding its stablecoin capabilities, seeing product market fit in emerging markets and cross-border money movement [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of consumer spending and the company's ability to capture significant opportunities ahead [32][49] - The company anticipates strong growth in Q4, with adjusted net revenue expectations remaining unchanged in the high single digits to low double digits [47][49] - The strength and diversity of Visa's business model are expected to drive long-term growth, even amid changing economic conditions [49][49] Other Important Information - Operating expenses grew by 13%, higher than expected due to lower FX benefits and increased personnel costs [44] - The company issued €3.5 billion of fixed-rate senior notes and repurchased approximately $4.8 billion in stock during the quarter [44] - Visa's total credentials increased by 7% year over year, with over 50% of e-commerce transactions now tokenized globally [9] Q&A Session Summary Question: Follow-up on the fourth quarter guide - Management indicated that Q4 is expected to be fundamentally strong, with resilient consumer spending and normalization of one-time impacts from the previous year [52][54] Question: Investment priorities and operating expenses - Management confirmed that investment priorities remain unchanged, focusing on a rich product pipeline, while Q3 operating expenses were higher due to FX benefits and personnel costs [62][66] Question: Spread between international transaction fees and nominal cross-border volume - Management explained that higher currency volatility, hedging losses, and mix impacts contributed to the spread dynamics, with U.S. inbound travel affecting yields [70][74] Question: Visa Direct's growth and pricing dynamics - Management highlighted Visa Direct's significant growth and its role as a cross-border money movement platform, with pricing strategies varying by region and use case [78][86] Question: Expectations for fiscal 2026 - Management expressed confidence in the growth opportunities across its three engines and indicated that more details would be provided in the next earnings call [90][96] Question: Role of stablecoins in remittances - Management discussed the potential of stablecoins to enable faster and cheaper cross-border transactions, benefiting both end users and clients [99][102] Question: Growth in advisory services related to stablecoins - Management confirmed strong growth in advisory services, particularly around stablecoins, and emphasized the importance of their consulting capabilities in this area [105][107] Question: Incentives for Q4 and fiscal 2026 - Management noted that Q4 is expected to see the highest growth in incentives, with no changes to the adjusted net revenue guidance [110][111]

Group 1 - The core viewpoint is that Visa executives believe tariffs do not have a substantial impact on cross-border payments [1] Group 2 - Visa's perspective suggests confidence in the resilience of cross-border payment systems despite potential trade barriers [1] - The statement indicates a broader industry sentiment that may influence investor confidence in payment processing companies [1]

Group 1 - The core viewpoint is that the CEO of Visa emphasizes that the best way to use stablecoins for transactions is through Visa [1] Group 2 - Visa is positioning itself as a leader in the integration of stablecoins into everyday transactions [1] - The company aims to enhance the usability of stablecoins, making them more accessible for consumers [1] - This strategy aligns with the broader trend of digital currencies gaining traction in the financial ecosystem [1]

Core Insights - Visa's CEO reported that consumer spending in the U.S. for the second quarter remains strong, indicating resilience in the economy despite external pressures [1] - The impact of tariffs on consumer spending has been minimal, suggesting that economic fundamentals are holding steady [1] Group 1 - The second quarter spending growth in the U.S. is robust, reflecting positive consumer sentiment and economic activity [1] - Tariffs have not significantly affected spending patterns, indicating that consumers are continuing to engage in spending despite potential trade-related concerns [1]