Visa Sees 11% Drop in 2Q Cross-Border Volume on Constant Dollar Basis

By Allison Prang

Visa Inc.'s profit and revenue slipped in the company's second fiscal quarter.

Visa's net income was $3.03 billion, lower than net income of $3.08 billion a year earlier. The company's earnings were $1.38 a share for its Class A common stock, down from $1.39 a share. According to FactSet, analysts were expecting $1.27 a share.

Net revenue was $5.73 billion, down 2.1%. Analysts were expecting $5.56 billion.

Visa's operating expenses also climbed 11%.

The credit-card company reported an 11% drop in cross-border volume on a constant-dollar basis.

"Cross-border travel is the slowest sector to return, but there are some green shoots that offer real indication of people looking to see the world," Chief Executive Alfred Kelly Jr. said in prepared remarks.

Write to Allison Prang at [e-mail]

(END) Dow Jones Newswires

04-27-21 1642ET