Visa earnings beat on higher customer spending
Payments volume represents the dollar amount of purchases made with cards carrying Visa’s branding.
Visa Inc (V.N) beat analysts’ estimates for quarterly earnings on Tuesday, as a robust economy encouraged customers to spend more and boosted fees for the world’s largest payment processor.
Total payments volume rose 8.7% to $2.23 trillion, on a constant dollar basis, with the United States - its largest market - accounting for about 8.8% of the total.
Payments volume represents the dollar amount of purchases made with cards carrying Visa’s branding.
The number of transactions processed rose 11.7% to $35.43 billion.
Net income rose to $3.10 billion, or $1.37 per Class A share, in the quarter ended June 30 from $2.33 billion, or $1 per Class A share, a year earlier.
On an adjusted basis, Visa earned $1.37 per share, while analysts expected a profit of $1.32 per share, according to Refinitiv data.
Net revenue rose 11.5% to $5.84 billion, while analysts had expected $5.70 billion.