Visa’s profits jump 32% as consumers start traveling again

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Visa says its fiscal third quarter profits rose 32% from a year earlier, helped by yet another double-digit rise in the amount of money processed on its credit and debit card network. The payment processing company said Tuesday it earned a profit of $3.41 billion, or $1.60 a share, compared to a profit of $2.58 billion, or $1.18 a share, in the same period a year earlier. Excluding one-time costs, San Francisco-based Visa earned $1.98 per share this quarter, which was much better than the $1.75 a share that analysts had been expecting. Most notably cross-border payments were up 40% from a year earlier, a signal that consumers are returning to their pre-pandemic traveling habits.