Visa announced its quarterly results on Tuesday.
According to the announcement, there was a 21% increase in profits in the second quarter, due to the recovery of consumer spending after the easing of restrictions on COVID-19 worldwide.
Consumer spending is rising this year despite the Omicron outbreak in January as people make up for lost time traveling, shopping and eating out.
Visa – the world’s largest payment processing company – said payment volumes rose 17% in the quarter, with cross-border volumes up 38%.
“The impact of the Omicron variant has been short-lived and the global economic recovery that began in the middle of last year has continued,” President and CEO Alfred Kelly said in a statement.
Net income rose to $ 3.6 billion, or $ 1.7 a share, from $ 3 billion, or $ 1.38 a share, a year earlier. Analysts were expecting an average of $ 1.65 per share, according to IBES data from Refinitiv.
Source: Capital
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