What caused V's Q3 2024 earnings to fall short?

Visa's Q3 2024 earnings fell short due to a combination of factors:

1. **Revenue Shortfall**: Total revenue for the quarter was $9.62 billion, which was slightly below the expected $9.92 billion, representing a year-over-year change of +13.1%. This shortfall was primarily due to a minor decline in payment volumes and processed transactions, particularly in the Asia-Pacific region and among lower-income consumer segments.
2. **Payment Volume Growth Slowdown**: While total payment volume increased by 7% year-over-year, cross-border volume grew by only 14%, and processed transactions rose by 10%. This slowdown in growth, especially in cross-border volumes, contributed to the revenue shortfall. Additionally, there was a sequential decline in July spending trends, which added to the softness in Asia.
3. **Geographical Variations**: There was weakness in lower-income US cohorts and a further deceleration in APAC, which affected the overall growth trajectory of the company's core business. The softness in Asia-Pacific markets and lower-income consumer segments in the US contributed to the challenges in achieving revenue targets.
4. **Macro Trends**: The impact of softer macro trends, including inflationary pressures and geopolitical factors, was evident in the slowdown of certain segments of consumer spending, particularly in the US and Asia.

In summary, Visa's Q3 2024 earnings fell short due to a combination of slightly lower-than-expected revenue, primarily driven by a slowdown in payment volumes, particularly cross-border volumes, and softer macro trends.