Visa reported a 17% increase in revenue for its fiscal second quarter, surpassing analysts’ expectations, driven by sustained consumer spending despite inflationary pressures. The payments company announced its results on Tuesday, highlighting robust growth across consumer payments, commercial and money movement services, and value-added offerings.

The company recorded revenue of $11.23 billion, ahead of the predicted $10.75 billion, and net income rose to $6.02 billion, or $3.14 per share, compared with $4.58 billion, or $2.32 per share, a year earlier. Payments volume and processed transactions both increased by 9% year-over-year, while cross-border payments grew 12%. In the U.S., payments volume expanded 8%, supported by higher credit and debit spending, with Visa attributing part of this growth to increased tax refund activity.

Chief Executive Ryan McInerney noted in a memo to employees that the company is experiencing a “once-in-a-lifetime inflection point” in payments, driven by evolving technology trends reshaping how money moves globally. To respond to these changes, Visa plans to reduce its workforce by approximately 7%, or 2,600 jobs, primarily within technology and product teams, but also across other parts of the organization.

Chief Financial Officer Chris Suh emphasized the strength of consumer spending during the quarter, stating that both discretionary and nondiscretionary expenditures remained solid, with no indications of weakening among lower-spend consumers. Suh also raised the company’s full-year revenue and profit outlook, expressing confidence in continued spending stability despite uncertainties related to the conflict in the Middle East.

The workforce reduction is part of Visa’s broader strategy to adapt to the rapidly changing payments landscape as it seeks to maintain growth and innovation amid shifting market dynamics.