Visa Rises as U.S. Payment Volume Strengthens From Pre-Pandemic Levels

Visa payments in the U.S. were up 32% in May from the pre-pandemic level in 2019.
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Shares of Visa  (V) - Get Report were higher Wednesday after the credit-card giant reported payments increases in May compared with pre-pandemic levels. 

The company reported a 32% in overall U.S. payments volume in May from the 2019 month. Debit payments increased 51% over that time. 

"Visa continues to monitor the COVID-19 impact globally," the company said in a Securities and Exchange Commission filing

"As we began to lap the most significant COVID-19 impacts starting in March 2020, year-over-year growth rates were not reflective of the underlying trend. Compared to fiscal 2019 levels, operational metrics in May were generally consistent or better than April levels."

Visa's data may be "providing what could be early signs of a recovery to continue through the summer months, as the pace of border reopening accelerates in important tourist corridors," Jefferies analyst Trevor Williams said in a note, according to Bloomberg. 

Visa shares at last check were 2.2% higher at $231.68. 

In April, the company reported stronger-than-expected earnings for the latest quarter helped by an 11% increase in payments volume.

Sales and profit slipped in the fiscal 2021 second quarter ended March 31 amid depressed foreign travel, but Visa still beat analysts’ estimates.

The payment processing titan registered net income of $3.03 billion, or $1.38 a share, in the quarter, down from $3.08 billion, also $1.38 a share, in the year-earlier quarter. The FactSet consensus called for $1.27 a share in the latest quarter.

Revenue slipped 2% to $5.73 billion from $5.85 billion. The analyst consensus called for $5.56 billion in the latest quarter.