Visa 4Q Profit, Revenue Up Double-Digits on More Payments, Transactions
Visa Inc (V.N) reported double-digit increases in quarterly profit and revenue on Thursday, as more consumers used its cards for payments and transactions.
The company's net income rose 12% to $4.2 billion, or $1.88 per share, in the three months ended March 31, from $3.7 billion, or $1.75 per share, a year earlier.
Total payments volume, a measure of the value of transactions processed on Visa's network, surged 11% to $3.4 trillion.
Cross-border volume, which reflects payments made using Visa cards outside their country of issuance, jumped 22%, helped by a recovery in travel and a rise in e-commerce.
"We continue to see strong underlying growth in consumer spending and cross-border travel," Chief Executive Officer Alfred Kelly (quote) said in a statement.
Visa's revenue climbed 12% to $7.9 billion, driven by growth in transaction and other service revenues. The company's total operating expenses increased 9% to $2.8 billion.
The results beat analysts' average estimates of a profit of $1.86 per share and revenue of $7.85 billion, according to Refinitiv data.
