Visa's profits jump 32% as consumers start traveling again

By AP News

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NEW YORK (AP) — Visa Inc. said Tuesday that its fiscal third quarter profits rose 32% from a year earlier, helped by yet another double-digit rise in the amount of money processed on its credit and debit card network.

NEW YORK (AP) — Visa Inc. said Tuesday that its fiscal third quarter profits rose 32% from a year earlier, helped by yet another double-digit rise in the amount of money processed on its credit and debit card network.

The payment processing company said it earned a profit of $3.4 billion, or $1.60 a share, compared to a profit of $2.57 billion, or $1.18 a share, in the same period a year earlier. Excluding one-time costs, Visa earned $1.98 per share this quarter, which was much better than the $1.75 a share that analysts had been expecting, according to FactSet.

San Francisco-based Visa has been benefiting from a worldwide migration from cash to digital forms of payments, either through online shopping or through the increased use of contactless payments. The company processed $2.939 trillion on its network last quarter, up 12% from a year earlier. Visa earns a small fee from every transaction that crosses its network, depending on the type of transaction and the merchant who used it.

Most notably cross-border payments were up 40% from a year earlier, a signal that consumers are returning to their pre-pandemic traveling habits.

“Consumers are back on the road, visiting various corners of the world, resulting in cross-border travel volume surpassing 2019 levels for the first time since the pandemic began in early 2020,” said Al Kelly, chairman and CEO of Visa, in a statement.

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Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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