Visa Inc beat estimates for quarterly profit on Tuesday as resilience in consumer spending so far and a summer travel boom across much of the United States translated into higher card spends.
have in recent weeks pointed to the resilience in consumer spending in the face of an uncertain economic outlook, a welcome sign for card companies.The world's largest payments processor raked in higher revenue as payment volumes jumped 12% during the third quarter, helped by a 40% surge in cross-border volumes. Travel-related cross-border volumes were 16% above 2019.
"While a company like Walmart may get hurt if consumers move their spending from higher-margin clothing to low-margin groceries, Visa gets their cut just the same," said Scott Lieberman, founder of TouchdownMoney.com. "Whether people buy champagne in a bull market or beer in a recession, Visa stands to earn," Lieberman, who covered the credit card industry for nearly a decade, added.
Visa posted an adjusted net income of $1.98 per share, handily beating the $1.75 a share expected by analysts, according to Refinitiv data.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Microsoft soothes market fears with forecast for strong revenue growth By Reuters*MICROSOFT MISSES QUARTERLY PROFIT, REVENUE ESTIMATES; SHARES DROP 1% - $MSFT
Consulte Mais informação »
The Bigger Warehouse Story Behind the Walmart Consumer Demand IssuesWalmart’s inventory build and markdowns come amid a national warehouse market in which there is little capacity left due to seasonal and pandemic trends.
Consulte Mais informação »
Tripledot Simplifies Game Development: No Characters, No Quests, Nothing More Complicated Than WordleBy selling ads in their games, Tripledot did $200 million in revenue last year—up 250% from the previous year—on estimated profit of around $30 million.
Consulte Mais informação »
NZD/USD seen back towards its recent lows in the 0.61 area on a 1 to 3 month view – RabobankThe US Dollar is likely to remain well bid on the back of safe haven demand despite speculation that the market may have over-estimated the extent of
Consulte Mais informação »
The Chip Shortage Is Easing—but Only for SomeCertain chips have caught up with demand, thanks to stockpiling and reduced consumer spending, but the semiconductor supply chain is still snarled up.
Consulte Mais informação »
Denver's Rental Licensing Program Off to Slow Start, City Anticipates CrunchThere are an estimated 25,000 properties that must be approved by January 1.
Consulte Mais informação »