Reportedly, Visa ( V) quarterly earnings beat estimates as more international travel and e-commerce witnessed an increase in spending. Even though travel spending dropped since late December due to the Omicron variant of the coronavirus, the company executives believe the recovery will resume and net revenue will increase in the second fiscal quarter this year.
Cross-border volumes also increased 40%, marked by a sharp increase in travel between September and November as the U.S. border and majority of the borders within Europe reopened. Transactions increased 21% to $47.6 billion during the quarter compared with a year earlier.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Its mission is to connect the world through the most innovative, reliable, and secure payment network – enabling individuals, businesses, and economies to thrive. Their advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying its brand, products, people, network, and scale to reshape the future of commerce. To learn more about Visa (V) and to track its ongoing progress please visit the Vista Partners Visa (V) Coverage Page.)
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