San Francisco-Based Visa's 2nd Quarter Profits Jump 21% As Pandemic Eases

CBS San Francisco

April 26, 2022

Payment processing giant Visa’s profits rose 21% in the first three months of the year fueled by a large jump in spending on the company’s namesake credit and debit card network.

The San Francisco-based company reported Tuesday that it earned $3.65 billion, or $1.70 a share, in its fiscal second quarter that ended March 31. That was up from $3.03 billion, or $1.38 a share, in the same period a year earlier.

Its earnings adjusted to exclude one-time items amounted to $1.79 a share. The results topped the expectations of analysts, who were looking for Visa to earn $1.65 a share on an adjusted basis, according to FactSet.

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