Visa reports rare quarterly revenue miss, shares drop

Visa’s (V.N), opens new tab third-quarter revenue growth fell short of Wall Street targets in a rare miss for the world’s largest payments processor as steep borrowing costs limited consumer spending, sending its shares down 4.6% in extended trading.

The U.S. 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.

Source: REUTER