Visa Sees 11% Drop in 2Q Cross-Border Volume on Constant Dollar Basis
April 27 2021 - 4:57PM
Dow Jones News
By Allison Prang
Visa Inc.'s profit and revenue slipped in the company's second
fiscal quarter.
Visa's net income was $3.03 billion, lower than net income of
$3.08 billion a year earlier. The company's earnings were $1.38 a
share for its Class A common stock, down from $1.39 a share.
According to FactSet, analysts were expecting $1.27 a share.
Net revenue was $5.73 billion, down 2.1%. Analysts were
expecting $5.56 billion.
Visa's operating expenses also climbed 11%.
The credit-card company reported an 11% drop in cross-border
volume on a constant-dollar basis.
"Cross-border travel is the slowest sector to return, but there
are some green shoots that offer real indication of people looking
to see the world," Chief Executive Alfred Kelly Jr. said in
prepared remarks.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
April 27, 2021 16:42 ET (20:42 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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