Visa's 2Q profits jump 21% as pandemic eases across globe
ABC News
Payment processing giant Visa’s profits rose 21% in the first three months of the year fueled by a large jump in spending on the company’s namesake credit and debit card network
NEW YORK -- Payment processing giant Visa's profits rose 21% in the first three months of the year fueled by a large jump in spending on the company's namesake credit and debit card network.
The San Francisco-based company reported Tuesday that it earned $3.65 billion, or $1.70 a share, in its fiscal second quarter that ended March 31. That was up from $3.03 billion, or $1.38 a share, in the same period a year earlier.
Its earnings adjusted to exclude one-time items amounted to $1.79 a share. The results topped the expectations of analysts, who were looking for Visa to earn $1.65 a share on an adjusted basis, according to FactSet.
Visa's results were driven largely by a significant jump in the amount of money and the number of transactions that went through its payment network. The company processed $3.384 trillion in payments on its network last quarter, up 17% from a year earlier. Visa earns a fee from every transactions that uses its network.
