Shares of Visa Inc. were up more than 1% in after-hours trading Wednesday after its latest earnings showed some recovery in spending amid the pandemic.
The payments company posted fiscal second-quarter net income of $3.0 billion, or $1.38 a share, compared with $3.1 billion, or $1.38 a share, a year earlier. On an adjusted basis, Visa V, +0.42% also earned $1.38 a share, down from $1.39 a share a year prior. The FactSet consensus was for $1.27 a share in both GAAP and adjusted earnings.
Visa’s revenue for the quarter dropped to $5.73 billion from $5.85 billion a year prior, while analysts tracked by FactSet were modeling $5.56 billion.
While the headline financials were down relative to a year earlier, Visa saw payments volume grow 11% in the March quarter, with processed transactions rising 8%. Volume from cross-border transactions, or those made between parties from different countries, dropped 11% in the quarter, or 21% when excluding transactions within Europe.
The Strawhecker Group (TSG), the largest analytics and consulting firm focused on the payments acceptance industry, is proud to announce that Fiserv has won the inaugural Omnichannel Provider of the Year award. Read the press release.
Through an in-depth review and submission process, payments providers were asked to explain why their omnichannel solution provided the most seamless payment experience across in-store, online, and mobile channels.
In analyzing the submissions, and taking into special consideration which providers offered the most comprehensive and versatile solutions, Fiserv was selected for this year’s award. The flexibility of the Clover® platform for SMB merchants, coupled with the multifaceted interface of Carat, an omnichannel commerce ecosystem built for large enterprises, solidified the Fiserv team as a true leader in omnichannel commerce.
Additionally, Cybersource, A Visa Solution, received second place for its versatile gateway solution. Through integration, Cybersource is able to merge and facilitate selling through numerous channels all with centralized reporting, cementing them as TSG’s distinguished runner-up.