By Allison Prang 
 

Visa Inc. reported an increase in net revenue and earnings for its third quarter as payments volume went up in the quarter compared with a year ago.

The company's net income was $2.58 billion, up from $2.37 billion the comparable period a year ago. Its earnings for its Class A common stock were $1.18 a share, up from $1.07 a share. Adjusted earnings were $1.49 a share. According to FactSet, analysts were expecting $1.34 a share.

Net revenue was $6.13 billion, an increase of 27%. Analysts were expecting $5.86 billion.

Payments volume, compared with a year ago, rose 39% on a nominal basis, while cross-border volume rose 59% on that same basis from a year earlier.

"Cross-border travel spending improved as vaccination rates rose and more borders opened," Chief Executive and Chairman Alfred F. Kelly Jr. said in prepared remarks.

Total non-operating income was $325 million compared with non-operating expense a year ago of $67 million. The company's income tax provision was also more than triple the year-ago level.

 

Write to Allison Prang at allison.prang@wsj.com

 

(END) Dow Jones Newswires

July 27, 2021 17:11 ET (21:11 GMT)

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