(RTTNews) - Visa Inc. (V) reported that its third quarter non-GAAP earnings per share was $1.06, a decline of 23% from last year. Non-GAAP earnings per share decrease was approximately 22% on a constant-dollar basis. On average, 31 analysts polled by Thomson Reuters expected the company to report profit per share of $1.03, for the quarter. Analysts' estimates typically exclude special items.
Third quarter net revenues were $4.8 billion, a decrease of 17%, driven by the year-over-year declines in payments volume, cross-border volume and processed transactions. Net revenues decrease was approximately 16% on a constant-dollar basis. Analysts expected revenue of $4.82 billion for the quarter.
Payments volume for the three months ended June 30, 2020, decreased 10% over the prior year on a constant-dollar basis. Total processed transactions, which represent transactions processed by Visa, for the three months ended June 30, 2020, were 30.7 billion, a 13% decrease over the prior year.