NEW YORK, July 28 ― Visa Inc beat estimates for quarterly profit yesterday as vaccinations and reopening of economies spurred people to spend more on travel and entertainment, boosting volumes for the world's largest payment processor.
Overall US retail sales unexpectedly increased in June, data showed, as the reopening of the world's biggest economy unleashed widespread demand for travel and shopping. Net income rose to US$2.58 billion in the third quarter ended June 30 from US$2.37 billion a year earlier. On an adjusted basis, Visa reported a profit of US$1.49 per share, compared with estimates of US$1.35, according to Refinitiv data.
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