REUTERS: Visa Inc reported a 23per cent drop in quarterly profit on Wednesday, as spending volumes at the payment processor sank due to the COVID-19 pandemic.
Net income fell to US$2.4 billion, or US$1.07 per Class A share, for the fourth quarter ended Sept. 30, from US$3.03 billion, or US$1.34 per Class A share, a year earlier. On an adjusted basis the company reported earnings of US$1.06 per share.
Net revenue fell 17per cent to US$4.8 billion as consumer spending was limited due to the health crisis, which has triggered the worst economic downturn in decades and prompted massive layoffs.
This is only the second time the company's quarterly revenue declined year-over-year since it went public in 2008.
Analysts polled by Refinitiv had been expecting an 18.5per cent slide in revenue and earnings of US$1.09 per share.
(Reporting by Imani Moise; Editing by Leslie Adler and Jonathan Oatis)