NEW YORK, Jan 29 ― Visa Inc reported a 4 per cent fall in quarterly profit on Thursday, hurt by lower cross-border spending volumes as the Covid-19 pandemic hammered the global travel industry.
Net income fell to US$3.13 billion, or US$1.42 per Class A share, for the first quarter ended Dec. 31, from US$3.27 billion, or US$1.46 per Class A share, a year earlier.
Analysts on average had expected a profit of US$1.28 per share, according to IBES data from Refinitiv. It was not immediately clear whether the estimates were comparable.
The company’s net revenue fell 6 per cent to US$5.69 billion.
The payments processor, however, said total spending rose 5 per cent on a constant dollar basis even as the coronavirus-induced economic downturn prompted massive layoffs.
The number of processed transactions rose 4 per cent from a year earlier.
Cross-border volume slumped 21 per cent as the pandemic continued to hurt travel demand. ― Reuters
