Shares of Visa Inc. were up more than 1% in after-hours trading Wednesday after its latest earnings showed some recovery in spending amid the pandemic.
The payments company posted fiscal second-quarter net income of $3.0 billion, or $1.38 a share, compared with $3.1 billion, or $1.38 a share, a year earlier. On an adjusted basis, Visa V, +0.42% also earned $1.38 a share, down from $1.39 a share a year prior. The FactSet consensus was for $1.27 a share in both GAAP and adjusted earnings.
Visa’s revenue for the quarter dropped to $5.73 billion from $5.85 billion a year prior, while analysts tracked by FactSet were modeling $5.56 billion.
While the headline financials were down relative to a year earlier, Visa saw payments volume grow 11% in the March quarter, with processed transactions rising 8%. Volume from cross-border transactions, or those made between parties from different countries, dropped 11% in the quarter, or 21% when excluding transactions within Europe.