Visa Posts Higher 4Q Sales, Profit as Economic Recovery Boosts Transactions
October 26 2021 - 5:00PM
Dow Jones News
By Kimberly Chin
Visa Inc. reported increases in net revenue and earnings for its
fiscal fourth quarter driven by higher payments volume,
cross-border volume and processed transactions as economies opened
up with the wider availability of Covid-19 vaccines.
The company's net profit was $3.58 billion for the quarter ended
Sept. 30, up from $2.14 billion in the year-ago period. Earnings
for its Class A common stock were $1.65 a share, up from 97 cents a
share a year earlier. Adjusted earnings were $1.62 a share.
Analysts were expecting $1.56 a share, or $1.55 a share as
adjusted, according to a FactSet poll.
Net revenue increased to $6.56 billion from $5.1 billion a year
earlier. Analysts were targeting $6.52 billion.
Payments volume, compared with a year ago, rose 17% on a nominal
basis, while cross-border volume climbed 38% on the same basis from
a year earlier. The total number of transactions processed by Visa
increased 21% over the prior year to 45.3 billion.
"Our performance was driven by the continuation of the recovery
in many global economies and the increased diversification of our
revenue with new flows and value added services," said Chairman and
Chief Executive Albert Kelly in prepared remarks.
In July, Visa agreed to acquire Currencycloud, a platform that
makes it easier for banks and financial-technology companies to
move money across borders and to transact in multiple
currencies.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
October 26, 2021 16:45 ET (20:45 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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