Finance

Visa second-quarter profit falls as pandemic crimps travel spending

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A Visa credit card is seen on a computer keyboard in this picture illustration taken September 6, 2017. REUTERS/Philippe Wojazer/Illustration

April 27 (Reuters) - Visa Inc (V.N) reported a fall in quarterly profit on Tuesday as the COVID-19 pandemic hit large parts of the global travel and retail industries, pressuring cross-border spending volumes for the world's largest payment processor.

Net income fell to $3 billion, or $1.38 per Class A share, for the second quarter ended March 31, from $3.08 billion, or $1.38 per Class A share, a year earlier.

Analysts on average had expected a profit of $1.27 per share, according to the IBES estimate from Refinitiv.

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Reporting by Noor Zainab Hussain in Bengaluru; Editing by Devika Syamnath

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