Visa Beats Q3 Earnings Expectations, Announces Layoffs of 2,600 Employees for AI Transformation

According to its Q3 earnings report, Visa reported Q3 revenue of $11.6 billion, up 14% year-over-year and beating analyst expectations of $11.4 billion. Adjusted earnings per share (EPS) reached $3.32, up 11% year-over-year, exceeding the expected $3.23. Payment volumes grew 10% year-over-year, while cross-border transaction volumes increased 13%.

Simultaneously, Visa announced layoffs of approximately 2,600 employees, representing 7% of its workforce, with cuts concentrated in technology and product teams to accelerate AI transformation and improve operational efficiency. Following the earnings announcement, Visa's stock fell 2.3% in after-hours trading to $358.31, despite a regular trading session close at $366.59 earlier in the day.