Finance

Visa earnings beat on higher customer spending

Key Points
  • Visa beat analysts' estimates for quarterly earnings.
  • A robust economy encouraged customers to spend more and boosted fees for the world's largest payment processor.
  • The number of transactions processed rose 11.7% to $35.43 billion.
Visa Inc. credit and debit cards are arranged for a photograph in Washington, D.C., U.S., on Monday, April 22, 2019.
Andrew Harrer | Bloomberg | Getty Images

Visa beat analysts' estimates for quarterly earnings on Tuesday, as a robust economy encouraged customers to spend more and boosted fees for the world's largest payment processor.

Total payments volume rose 8.7% to $2.23 trillion, on a constant dollar basis, with the United States — its largest market — accounting for about 8.8% of the total.

Payments volume represents the dollar amount of purchases made with cards carrying Visa's branding.

The number of transactions processed rose 11.7% to $35.43 billion.

Net income rose to $3.10 billion, or $1.37 per Class A share, in the quarter ended June 30 from $2.33 billion, or $1 per Class A share, a year earlier. On an adjusted basis, Visa earned $1.37 per share, while analysts expected a profit of $1.32 per share, according to Refinitiv data.

Net revenue rose 11.5% to $5.84 billion, while analysts had expected $5.70 billion.