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(Reuters) – Visa Inc (NYSE:) reported a 4% fall in quarterly profit on Thursday, hurt by lower cross-border spending volumes as the COVID-19 pandemic hammered the global travel industry.
Net income fell to $3.13 billion, or $1.42 per Class A share, for the first quarter ended Dec. 31, from $3.27 billion, or $1.46 per Class A share, a year earlier.
Analysts on average had expected a profit of $1.28 per share, according to IBES data from Refinitiv. It was not immediately clear whether the estimates were comparable.
The company’s net revenue fell 6% to $5.69 billion.
The payments processor, however, said total spending rose 5% on a constant dollar basis even as the coronavirus-induced economic downturn prompted massive layoffs.
The number of processed transactions rose 4% from a year earlier.
Cross-border volume slumped 21% as the pandemic continued to hurt travel demand.
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