Visa profit falls as pandemic crimps travel spending

Nasdaq2021-01-29

Adds spending volumes, revenue

Jan 28 (Reuters)-Visa IncV.Nreported a 4% fall in quarterly profit on Thursday, hurt by lower cross-border spending volumes as the COVID-19 pandemic hammered the global travel industry.

Net income fell to $3.13 billion, or $1.42 per Class A share, for the first quarter ended Dec. 31, from $3.27 billion, or $1.46 per Class A share, a year earlier.

Analysts on average had expected a profit of $1.28 per share, according to IBES data from Refinitiv. It was not immediately clear whether the estimates were comparable.

The company's net revenue fell 6% to $5.69 billion.

The payments processor, however, said total spending rose 5% on a constant dollar basis even as the coronavirus-induced economic downturn prompted massive layoffs.

The number of processed transactions rose 4% from a year earlier.

Cross-border volume slumped 21% as the pandemic continued to hurt travel demand.

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Comments

  • TiggyTrader
    2021-02-01
    TiggyTrader
    It will takes a while for profits to Return
  • AzuNyaa
    2021-02-01
    AzuNyaa
    How about MasterCard
  • Raychris
    2021-01-31
    Raychris
    Expected 
  • 咩咩虎
    2021-01-31
    咩咩虎
    comment to complete the task
  • 咩咩虎
    2021-01-31
    咩咩虎
    Sell
  • 咩咩虎
    2021-01-31
    咩咩虎
    Sell it off 
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