Visa profit jumps 14 per cent on higher consumer spending GlobeBusiness
That benefited Visa, which makes most of its money from card swiping fees and processing transactions, as total transactions volume in its largest market, the United States, rose 6.9 per cent to $1.07 trillion, on a constant-currency basis.Its net revenue rose 8 per cent to $5.49 billion, beating analysts’ estimates of $5.47 billion, led by a 7 per cent jump in its service revenue, which includes fees the company gets from processing transactions.
Visa’s net income rose to $2.98 billion, or $1.31 per Class A share, in the second quarter ended March 31, from $2.61 billion, or $1.11 per Class A share, a year earlier. Analysts were expecting net income of $1.24 per share, according to IBES data from Refinitiv, although it was not immediately clear if the numbers were comparable.Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to
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