The Strategist

Visa's quarterly profit rises thanks to recovery of international tourism market

04/27/2023 - 07:11

Visa's net income for the first quarter increased by 17% year over year, to $4.3 billion. Earnings per share grew by 20% to $2.03.

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The growing profit is related to the after-pandemic rebound in the global travel industry.

As a result, Visa processed 24% more cross-border payments compared to the first quarter of previous year. Compared to the same period in 2022, the company completed 50.1 billion transactions overall, an increase of 12%.

At that, the number on a quarterly basis was lower by 4.5%. Visa’s quarterly revenue grew by 11% over the prior year to $8 billion.