NEW YORK (AP) — Visa Inc.’s fiscal second-quarter profits fell 2% from a year earlier, as the company dealt with a slowdown across its payment network due to the global pandemic.
The payment processing giant said Tuesday that it earned $3.03 billion in its second quarter ended March 31, or $1.38 a share, down from $3.08 billion in the same period a year ago. Due to Visa buying back its own stock, the company’s earnings per share last year was also $1.38.
The results were better than the $1.27 per share that analysts expected on average, according to FactSet. Shares rose 1.8% in after-hours trading.
Due to the nature of Visa’s business model and how the company reports revenue, this quarter’s results