Visa gets vaccine boost as domestic spending back near pre-pandemic levels

Visa Incorporated beat estimates for quarterly profit on Tuesday, July 27, with domestic spending almost back to pre-pandemic levels and international travel on the road to recovery as rising vaccinations and reopening economies take effect.

Visa reported a 34% jump in third-quarter payment volumes on a constant dollar basis, while the number of transactions processed surged 39%. "The one area of our business that is still not back to where it was is cross-border travel. That is the next stage of recovery," he said.Travel spending volumes at Visa were approaching 2019 levels in July, while entertainment surpassed those levels in May, Prabhu told analysts on a call.

Net income rose to $2.58 billion in the quarter ended June 30 from $2.37 billion a year earlier. On an adjusted basis, Visa reported a profit of $1.49 per share, compared with Refinitiv estimates of $1.35.

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