Salem Radio Network News Thursday, August 18, 2022

Business

Visa profit beats estimates on higher spending

NEW YORK (Reuters) -Visa Inc beat Wall Street estimates on Thursday as improving consumer sentiment and holiday shopping, along with 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.

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.

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.

(Reporting by Mehnaz Yasmin in Bengaluru and Elizabeth Dilts Marshall in New York;Editing by Chris Reese and Jonathan Oatis)

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