Visa Profit Beats Quarterly Estimates on Higher Spending

Reuters2022-01-28

Visa Inc beat Wall Street quarterly estimates on Thursday as improving consumer sentiment, online shopping and an uptick in travel drove spending volumes.

The world's largest payments processor said transactions rose 21% to $47.6 billion during the quarter compared with a year earlier, while cross-border volumes increased 40%.

Quarterly net revenues rose to $7.1 billion in the three months ended Dec. 31, an increase of 24% over the prior year.

"The growth in eCommerce, better than expected progress in the return of cross-border travel and a continuation of the recovery all contributed to an excellent quarter," Visa Chairman and Chief Executive Alfred Kelly said in a statement, adding he thinks recovery will continue despite the current surge in COVID-19 cases.

Visa reported profit of $3.9 billion, or $1.81 per share.

Analysts, on average, had estimated net income of $1.70 per share, according to IBES data from Refinitiv.

Shares rose by as much as 4.6% after market hours following the company's results.

Rival card companies Mastercard Inc and American Express Co also reported that they beat quarterly profit estimates this week, powered by renewed consumer spending on international travel, dining and shopping.

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Comments

  • Kimchee
    2022-01-28
    Kimchee
    Hip hip hooray!!  🥳🥳🥳
  • Deonc
    2022-01-28
    Deonc
    Please like and comment. 
  • Bspn
    2022-01-28
    Bspn
    Ok
  • ashk3
    2022-01-28
    ashk3
    Excellent! 
  • Desmond669
    2022-01-28
    Desmond669
    Great
  • Simplehuman
    2022-01-28
    Simplehuman
    Until the day where other payment mode overtakes. These companies will still be essential in our spending lifestyle and it can also merit from the interest rate hike. 
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