Despite outperforming expectations in its fiscal year Q4 earnings report on Tuesday, Visa shares fell 5% on Wednesday, as investors appear apprehensive about the year ahead.

The payments company reported GAAP earnings of $1.65 per share and revenue of $6.6 billion, both of which were above analyst expectations. Transactions processed climbed 21% year over year, payments increased 17%, and cross-border volume increased 38%, indicating higher travel activity last summer. "Our performance was driven by the continued recovery in many global economies, as well as the enhanced diversification of our business with new flows and value-added services," stated CEO Al Kelly.

The company's fiscal Q1 guidance is in the "high teens," with projected moderation during the rest of the year as they wrap off this year's pandemic spending recovery.Visa to acquire Currencycloud at 700 million pounds valuation | Reuters

Analysts maintained their buy ratings while decreasing their price estimates. "While the estimate reset is no doubt frustrating as it likely keeps the stock range-bound near-term," Raymond James analyst John Davis told StreetInsider, "it should set the table for the company to beat and raise throughout 2022 as crossborder travel recovers barring any further COVID related hiccups." "FQ4/21 report and guidance show that the US consumer continues to improve, with travel & restaurant spending rising, e-commerce remaining solid (albeit somewhat lower), credit accelerating, and debit remaining largely constant," according to RBC analyst Daniel Perlin. We are lowering our FY22 expectations as a result of the advice."

Concerns about sluggish spending growth are weighing on other credit card companies, with Mastercard down nearly 6%, Discover Financial Services down nearly 5%, and Capital One Financial Corporation, which reported yesterday, down 7%. The anomaly has been American Express, which is down only 0.5%.