<p>Visa's third-quarter revenue growth fell short of Wall Street expectations as steep borrowing costs limited consumer spending, sending shares of the world's largest payments processor down 2.1 per cent in extended trading.</p><p>The US Federal Reserve's efforts to curb inflation have taken interest rates to their highest since the global financial crisis of 2008, stretching the budgets of lower-income Americans who live paycheck to paycheck.</p><p>Credit card giant American Express also missed expectations for second-quarter revenue last week.</p><p>Visa's quarterly net revenue of $8.90 billion came in below analysts' estimates of $8.92 billion, according to LSEG data.</p>.Reliance shares drop over 3% after June quarter earnings.<p>Still, its payments volume rose 7 per cent in the quarter on a constant dollar basis, while cross-border volumes excluding transactions within Europe jumped 14 per cent, signaling robust international travel demand.</p><p>The company's processed transactions jumped 10 per cent in the quarter.</p><p>Visa expects net revenue growth in the "low double-digit" percentages for the fourth quarter ending Sept. 30, compared with 10.6 per cent last year. The company also reaffirmed its annual profit and revenue growth forecasts.</p><p>Visa earned $2.42 per share on an adjusted basis for the third quarter, in line with expectations.</p><p>Rival Mastercard's results, due next week, will cap off the reporting season for the sector.</p>
<p>Visa's third-quarter revenue growth fell short of Wall Street expectations as steep borrowing costs limited consumer spending, sending shares of the world's largest payments processor down 2.1 per cent in extended trading.</p><p>The US Federal Reserve's efforts to curb inflation have taken interest rates to their highest since the global financial crisis of 2008, stretching the budgets of lower-income Americans who live paycheck to paycheck.</p><p>Credit card giant American Express also missed expectations for second-quarter revenue last week.</p><p>Visa's quarterly net revenue of $8.90 billion came in below analysts' estimates of $8.92 billion, according to LSEG data.</p>.Reliance shares drop over 3% after June quarter earnings.<p>Still, its payments volume rose 7 per cent in the quarter on a constant dollar basis, while cross-border volumes excluding transactions within Europe jumped 14 per cent, signaling robust international travel demand.</p><p>The company's processed transactions jumped 10 per cent in the quarter.</p><p>Visa expects net revenue growth in the "low double-digit" percentages for the fourth quarter ending Sept. 30, compared with 10.6 per cent last year. The company also reaffirmed its annual profit and revenue growth forecasts.</p><p>Visa earned $2.42 per share on an adjusted basis for the third quarter, in line with expectations.</p><p>Rival Mastercard's results, due next week, will cap off the reporting season for the sector.</p>