Visa Inc. continued to see a bounce-back in face-to-face spending amid the economic recovery while e-commerce transactions driven by the pandemic remained strong, the company said Tuesday.
Visa posted fiscal third-quarter net income of $2.6 billion, or $1.18 a share, up from $2.37 billion, or $1.07 a share, a year earlier. Adjusted for equity investment gains and losses, acquisition costs and more, net income was $3.3 billion, or $1.49 a share.
Analysts tracked by FactSet were expecting $1.34 in earnings per share on both a GAAP basis and an adjusted basis.
Visa’s V,
Visa’s payments volume increased 34%. The company said cross-border travel spending improved as vaccination rates rose, with cross-border volume increasing 47% and cross-border volume excluding transactions within Europe climbing 53%. Processed transactions rose 39%.
“Visa delivered another strong quarter as many key economies are well into a reopening-driven recovery,” said Alfred Kelly Jr., chief executive of Visa, in a news release.
Visa shares fell less than 1% after hours after closing at $250.93, about 0.3% higher, in regular trading.
Visa’s report comes after an upbeat one from American Express Co. AXP,
Payments peers PayPal Holdings Inc. PYPL,
Shares of Visa have gained more than 14% so far this year, matching gains for the Dow Jones Industrial Average DJIA,
