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2021-07-28

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

July 27 (Reuters) - Visa Inc beat estimates for quarterly profit on Tuesday, with domestic spending

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

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That is the next stage of recovery,\" he said.\nCross-border volumes jumped 47% on a constant currency basis in the quarter.\nTravel spending volumes at Visa were approaching 2019 levels in July, while entertainment surpassed those levels in May, Prabhu told analysts on a call.\nTotal revenue climbed 27% to $6.13 billion. Assuming July trends continue, Visa's fourth-quarter net revenue growth is expected to be in line with the third quarter, Prabhu said.\nNet 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.\nPrabhu said there was no evidence of an impact from the Delta variant of the coronavirus on people buying things in their home countries.\n\"Even as infections are climbing, people don't seem to be changing their habits like they were before,\" he said.\nA recent announcement by the UK and Canada regarding border openings in August should boost the current quarter, Prabhu added. 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Visa gets vaccine boost as domestic spending back near pre-COVID levels

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