Visa plans to lay off around 1,400 employees and contractors by the conclude of the year as part of efforts to streamline its international operations, the company stated.
Approximately 1,000 of the layoffs will affect workers in technology roles, with additional cuts in merchant sales and global digital partnership positions, according to a report from the Wall Street Journal.
Some layoffs have already occurred, but Visa plans to keep its global digital partnership teams until the conclude of the year.
A Visa spokesperson noted that the company regularly adjusts its plans to foster growth, which sometimes requires eliminating certain roles. However, the spokesperson also indicated that Visa expects to increase its workforce in the future.
As of the conclude of fiscal year 2024, Visa employed 31,800 people worldwide.
Visa reported stronger-than-expected results for its fiscal fourth quarter on Tuesday. In its earnings release, released after markets closed, the company stated its net revenue reached $9.62 billion, exceeding expectations of $9.49 billion, and marking 12% year-over-year growth.
Processed transactions, which represent transactions processed by Visa, totaled $61.5 billion, a 10% increase over the prior year.
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