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Visa profit beats estimates

Card giant Visa sailed past estimates for fourth-quarter profit on Tuesday as consumers on a post-pandemic travel rebound shrugged off worries of a looming economic slowdown and cost-of-living crisis.

Visa's CFO Chris Suh said US inbound travel recovery accelerated in the quarter, while travel into Asia also continued to improve.

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"At a macro level, we are assuming no recession in our outlook," Suh said on a call with analysts.

While economic forecasts for the upcoming year have turned increasingly gloomy in a higher-for-longer interest rate environment, consumer spending has held remarkably steady, helping sustain payment volumes.