US Markets
V

Visa reports 23% fall in quarterly profit on COVID spending stall

Credit: REUTERS/EDGARD GARRIDO

Visa Inc reported a 23% decline in quarterly profit on Tuesday after spending over the world's largest payment network stalled due to the coronavirus pandemic.

July 28(Reuters) - Visa Inc V.N reported a 23% decline in quarterly profit on Tuesday after spending over the world's largest payment network stalled due to the coronavirus pandemic.

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.

Net revenue fell 17% to $4.84 billion.

The results marked the first year-over-year decline in quarterly revenue and in adjusted net income since the company went public in 2008.

(Reporting by David Henry in New York; Additional reporting by C Nivedita Editing by Sonya Hepinstall)

((David.Henry@thomsonreuters.com; +1-646-223-6114; Reuters Messaging: david.henry.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

V

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More