REUTERS: Visa Inc 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 8.7per cent to US$2.23 trillion, on a constant dollar basis, with the United States - its largest market - accounting for about 8.8per cent of the total.Payments volume represents the dollar amount of purchases made with cards carrying Visa's branding.Net income rose to US$3.10 billion, or US$1.37 per Class A share, in the quarter ended June 30 from US$2.33 billion, or US$1 per Class A share, a year earlier.
On an adjusted basis, Visa earned US$1.37 per share, while analysts expected a profit of US$1.32 per share, according to Refinitiv data.Net revenue rose 11.5per cent to US$5.84 billion, while analysts had expected US$5.70 billion.