Visa Stock Rises on Layoff Announcement; 2,600 Jobs Cut Ahead of Earnings
Visa (V) announced plans to lay off approximately 7% of its global workforce, eliminating about 2,600 roles primarily in technology and product teams. The stock rose sharply on the news, up about 25% from its year-to-date low, as investors viewed the cuts as a move to improve operational efficiency. CEO Ryan McInerney stated the layoffs are designed to reduce operational drag, with Visa leveraging AI to automate routine coding and product development tasks. The freed-up capital will be reinvested in high-growth areas including cross-border transactions, commercial B2B payments, and stablecoin infrastructure. The announcement comes ahead of Visa's fiscal Q3 earnings release, with consensus estimates of $11.35 billion in revenue and $3.23 EPS. Options pricing suggests potential upside of over 3% through the end of the week. Wall Street maintains a 'Strong Buy' consensus rating with a mean price target of $404, implying nearly 9% upside over the next 12 months.
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