Visa (V) earnings are showing signs of recovery as an increase in online shopping helped the world’s biggest payment processor quarterly earnings beat Wall Street estimates and overcome sluggish travel spending. Visa’s total payment volumes increased 11% on a constant dollar basis. Visa’s net revenue dropped 2% to $5.73 billion in the second quarter ending March 31 but was higher than analysts’ expectations of $5.61 billion. U.S. debit card volumes soared 31% to $806 billion.
Visa reported a net income of $1.38 per share, in comparison to analysts’ estimates of $1.27 per share. CEO Alfred Kelly informed, the company witnessed positive growth for credit, debit, and eCommerce. However, the pandemic restrictions and second wave of COVID-19 cases in several parts of the world have forced travelers to put travel on hold, pushing cross-border volumes at Visa down 11%.
“Visa has weathered the COVID storm and is emerging from the pandemic even stronger,” stated Chief Executive Officer Alfred Kelly Jr.
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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