Visa beats quarterly profit estimates on travel, online spending boom

Visa beats quarterly profit estimates on travel, online spending boom

Inc reported a rise in quarterly profit on Tuesday, as the world’s largest payment processor benefited from a pickup in travel with economies reopening worldwide and more people shopping online.

Total cross-border volume rose 38% on a constant dollar basis from a year earlier.

Payment are seeing an uptick in volumes from the coronavirus-induced slump as massive government stimulus and speedy vaccine rollouts fuel an economic recovery, unleashing pent-up demand for both goods and services.

Net income rose to $3.58 billion, or $1.65 per Class A share, for the fourth quarter ended Sept. 30, from $2.14 billion, or 97 cents per Class A share, a year earlier.

Analysts on average had expected a profit of $1.54 per share, according to Refinitiv data.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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