Visa beats quarterly profit estimates on travel, online spending boom

Visa Inc reported a rise in quarterly profit on Tuesday, as the world's largest payment processor benefited from a pickup in travel with economies reopening worldwide and more people shopping online.

Total cross-border volume rose 38% on a constant dollar basis from a year earlier.

Payment companies are seeing an uptick in volumes from the coronavirus-induced slump as massive government stimulus and speedy vaccine rollouts fuel an economic recovery, unleashing pent-up demand for both goods and services.

Net income rose to $3.58 billion, or $1.65 per Class A share, for the fourth quarter ended Sept. 30, from $2.14 billion, or 97 cents per Class A share, a year earlier.

Analysts on average had expected a profit of $1.54 per share, according to Refinitiv data.