Visa revenue beats Wallstreet forecasts owing to increase travel and e-commerce sales

• The payment processor company made $3.9 billion in profit or $1.81 per share.

• Total cross-border volumes increased by 40%, owing to a surge in travel between September and November

Visa Inc (NYSE: V)  surpassed Wall Street's quarterly predictions boosted by e-commerce sales, higher-than-expected cross-border travel revenue, and a broad-based economic rebound

The company's fiscal first-quarter net income was $4.0 billion, or $1.83 per share, up from $3.1 billion, or $1.42 per share, the previous. FactSet analysts polled expected $1.70 in both GAAP and adjusted profits per share.

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"Visa delivered very strong results with revenue, net income and EPS all growing at 24% or higher,” Alfred F. Kelly, Jr., Chairman, and Chief Executive Officer said, in a statement. “The strength of our network, the growth in eCommerce, better than expected progress in the return of cross-border travel and a continuation of the recovery all contributed to an excellent quarter.”

Net revenues increased by 24 % in the fiscal first quarter to $7.1 billion, led by year-over-year growth in payments volume, cross-border volume, and processed transactions. On a constant-dollar basis, net revenues climbed by around 25%.

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The payment processor company made $3.9 billion in profit or $1.81 per share.

Cross-border volumes increased by 40%, owing to a surge in travel between September and November when the US border and most European crossings reopened.

Total processed transactions, which reflect Visa transactions, were 47.6 billion for the three months ended December 31, 2021, a 21% increase over the previous year.

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For the quarter, the weighted-average number of diluted shares of Class A common stock outstanding was 2.16 billion, which ended on December 31, 2021. 

Meanwhile, this week,rival card giant Mastercard Inc (NYSE: MA) announced that it exceeded quarterly profit projections, owing to increased customer spending on overseas travel.