Visa and Coca-Cola results show how payment volume and cross-border transactions, alongside beverage unit volume and price mix, accompanied revenue growth across two different commercial networks.
Visa increased fiscal third-quarter net revenue 14 percent to $11.6 billion, or 13 percent on a constant-dollar basis. Payments volume grew 10 percent in constant dollars, total cross-border volume 13 percent and processed transactions 10 percent. The network handled 71.7 billion transactions, while client incentives rose 18 percent to $4.7 billion.[1]
Coca-Cola's second-quarter net revenue rose 7 percent to $13.4 billion, while organic revenue grew 6 percent. Four points of the increase came from concentrate sales and two points from price and mix; global unit case volume grew 5 percent. The company raised its full-year guidance for organic revenue and comparable earnings-per-share growth.[2]
The two releases do not measure the same economic activity. Visa reports network use and transaction volume comparable across currencies; Coca-Cola reports physical product volume, pricing and product mix. The results therefore cannot by themselves establish that consumption accelerated across the wider economy. They do show that more transactions or products moved through both networks during the quarter while each company reported revenue growth.[1], [2]
