V Visa Inc

By Kimberly Chin

Visa Inc. reported higher earnings and revenue for the fiscal first quarter as it saw growth in payments volume, cross-border volume and processed transactions.

The global payments company said net profit was $3.96 billion for the quarter ended Dec. 31, up from $3.13 billion in the year-ago period. Per-share earnings were $1.83 a share, up from $1.42 a share a year earlier. Adjusted earnings were $1.81 a share. Analysts were expecting $1.70 a share on a GAAP and adjusted basis, according to FactSet.

Net revenue climbed to $7.06 billion from $5.69 billion in last year's first quarter. Analysts were expecting $6.79 billion.

Payments volume, compared with a year ago, rose 20% on a constant-dollar basis, while cross-border volume increased 40% on the same basis from a year earlier. The total number of transactions processed by Visa increased 21% over the prior year to 47.6 billion.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

January 27, 2022 16:37 ET (21:37 GMT)

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