Visa second-quarter profit falls as pandemic crimps travel spending

Visa Inc reported a fall in quarterly profit on Tuesday as the COVID-19 pandemic hit large parts of the global travel and retail industries, pressuring cross-border spending volumes for the world's largest payment processor. Net income fell to $3 billion, or $1.38 per Class A share, for the second quarter ended March 31, from $3.08 billion, or $1.38 per Class A share, a year earlier.

Analysts on average had expected a profit of $1.27 per share, according to the IBES estimate from Refinitiv.