Credit: REUTERS/PHILIPPE WOJAZERBy David Henry
July 28 (Reuters) - Visa Inc's V.N results topped analysts estimates on Tuesday with a 23% drop in quarterly profit as consumer spending continued to be pressured by high unemployment due to lockdowns aimed at curbing the coronavirus outbreak.
Net income fell to $2.37 billion, or $1.07 per Class A share, in the quarter ended June 30, from $3.10 billion, or $1.37 per Class A share, a year earlier.
Analysts had estimated, on average, that the company earned $1.03, according to IBES data from Refinitiv.
The quarter was the first to reflect how spending on Visa transactions was impacted for three straight months by coronavirus-related shutdowns.
The results marked the first year-over-year decline in quarterly revenue and adjusted net income since the company went public in 2008 and became the world's largest payment network.
Net revenue fell 17% to $4.84 billion, compared with an estimate of $4.83 billion from analysts.
(Reporting by David Henry in New York; Additional reporting by C Nivedita Editing by Sonya Hepinstall)
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