Visa's first-quarter profit falls as pandemic crimps travel spending

Visa Inc reported a fall in quarterly profit on Thursday, as the COVID-19 pandemic hit large parts of the global travel industry, hurting cross-border spending volumes for world's largest payment processor.

Net income fell to $3.13 billion, or $1.42 per Class A share, for the first quarter ended Dec. 31, from $3.27 billion, or $1.46 per Class A share, a year earlier.

Analysts on average had expected a profit of $1.28 per share, according to IBES data from Refinitiv. It was not immediately clear whether the estimates were comparable.