Due to the cloudy economic outlook caused by the pandemic, Visa declined to provide financial guidance for fiscal 2020.
The San Francisco credit card giant earned $1.38 a share in the quarter, compared with $1.31 in the year-earlier quarter. The latest adjusted earnings were $1.39 a share.
Revenue reached $5.85 billion from $5.49 billion.
A survey of analysts by FactSet produced consensus estimates of $1.34 a share of profit on $5.72 billion of revenue.
"As companies imposed social distancing, shelter-in-place or total lockdown orders, domestic spending, most notably in travel, restaurants, entertainment and fuel, sharply declined week on week with significant deterioration in volume and transaction trends in the latter part of March," Visa said in a statement.
Payments volume for the second quarter rose 5% from the year-earlier period.
At last check Visa shares were trading down 1.5% at $176.01. They closed the regular trading session Thursday down 1.7% at $178.72. In 2020 through the regular session, the stock is down 4.9%.
In the wake of the coronavirus pandemic, which has kept consumers at home and decimated much of the retail and restaurant sectors, analysts recently have been reviewing the payments companies.
On Monday Wedbush analyst Moshe Katri affirmed an outperform rating on Visa and lifted his price target to $200 from $170.
A week ago Guggenheim analyst Jeff Cantwell cut his rating on Visa to neutral from buy, citing continued concern about the impact of the pandemic on the payments sector.
Yesterday, Mastercard reported stronger-than-expected first-quarter earnings and revenue.
Early in April The Wall Street Journal reported that Visa and Mastercard had planned to increase swipe fees on merchants. People familiar with the matter told the paper that small businesses could be hammered hardest by such a move.
The paper also said that if the pandemic persisted, the question of whether the credit-card companies would implement the higher fees would remain open.