11:22 AM EST, 01/30/2026 (MT Newswires) -- Visa (V) managed to deliver a fiscal Q1 beat even amid higher marketing spend and lower foreign exchange volatility, Oppenheimer said.

Visa's operating expenses were slightly above expectations in the quarter. The investment firm said in a Thursday note that the company's Q2 operating expense growth guidance came in at the high end of the mid-teens and exceeded consensus estimates.

The company's international revenue growth of 6% was modestly below expectations due to lower FX volatility and negative mix, according to the note.

On the positive side, Visa maintained its fiscal 2026 operating expense outlook and continues to expect adjusted operating expense growth in the low double-digits.

Visa saw fiscal Q1 consumer spending trends that were in line with Q4. The brokerage highlighted continued strength in the highest-spend band and said there was no deterioration in the lower band. Discretionary and nondiscretionary categories both remained healthy.

Oppenheimer has an outperform rating on Visa and $391 price target.

Shares of Visa were down more than 2% in recent Friday trading.

Price: 324.72, Change: -6.84, Percent Change: -2.06