1/28/2021, 10:08 PM (Source: TeleTrader)
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Chart for: Visa Inc

Visa EPS falls 3% to $1.42 in Q1, beats expectations

Visa announced on Thursday that its GAAP earnings per share (EPS) declined by 3% year on year to $1.42 in the first quarter of its fiscal 2021 while GAAP net income fell by 4% compared to the same quarter in fiscal 2020 to $3.1 billion. Over the same period, net revenues dropped by 6% to $5.7 billion.

The results were mostly impacted by cross-border volume excluding Intra-Europe which plummeted 33% amid the COVID-19 pandemic and the cross border volume-total which was down 21% year on year. Meanwhile, payments volume and processed transactions rose compared to the first quarter in the previous fiscal year by 5% and 4%, respectively.

"Our performance in the fiscal first quarter reflected solid results and continued positive momentum in a challenging COVID-19 environment. We saw sustained strength of debit and eCommerce volumes as well as resilient domestic spending in most countries," CEO Alfred Kelly Jr. said.

Visa shares were up 1.4% in after-hours trading, following the earnings release as the company's results beat expectations.

Baha Breaking News (BBN) / VP