BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Visa Reports Robust Fiscal Second Quarter 2024 Results
San Francisco, CA – April 23, 2024 – Visa Inc. (NYSE: V) has released its earnings report for the fiscal second quarter of 2024, showing strong financial performance and steady growth across key areas of its business.
Financial Performance Highlights
Visa reported a GAAP net income of $4.7 billion, translating to $2.29 per share, and a non-GAAP net income of $5.1 billion or $2.51 per share. This represents increases of 10% and 17% in GAAP and non-GAAP net income respectively, compared to the same period last year. The company's earnings per share also saw significant growth, with GAAP EPS increasing by 12% and non-GAAP EPS by 20%.
Net revenues for the quarter stood at $8.8 billion, marking a 10% rise on both a nominal and constant-dollar basis. This growth is supported by increases in payment volumes, processed transactions, and cross-border volume.
Key Business Metrics
- Payments Volume: Increased by 8% on a constant-dollar basis for both the quarter ending December 31, 2023, and March 31, 2024.
- Cross-Border Volume: Grew by 16%, excluding intra-Europe transactions, on a constant-dollar basis for the quarter ended March 31, 2024.
- Processed Transactions: Saw an 11% rise, totaling 55.5 billion transactions for the quarter.
Capital Allocation
During the quarter, Visa repurchased 9.7 million shares of class A common stock at an average cost of $280.80 per share, amounting to a total expenditure of $2.7 billion. The company has $23.6 billion remaining authorized funds for future share repurchases. Additionally, the board of directors declared a quarterly cash dividend of $0.52 per share of class A common stock payable on June 3, 2024.
Strategic Developments and Outlook
Visa's CEO, Ryan McInerney, remarked on the strong results, emphasizing the consistent consumer spending and robust performance in cross-border transactions. Looking forward, the company remains focused on capturing the significant opportunities in consumer payments and enhancing its global network through strategic partnerships and technological advancements.
Notably, Visa completed its acquisition of Pismo, a global cloud-native issuer processing platform, which is expected to enhance its core banking and card-issuer processing capabilities. Additionally, Visa has reached a landmark settlement in the interchange multidistrict litigation, which includes lowering credit interchange rates beneficial to over 90% of U.S. merchants, predominantly small businesses.
Legal and Operational Costs
The current quarter's results included specific costs related to litigation provisions and lease consolidations, totaling $424 million and $57 million respectively. These were offset by some non-operating income and favorable tax resolutions.
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