Visa’s 2Q profits jump 21% as pandemic eases across globe

By KEN SWEET
AP Business Writer

NEW YORK (AP) — 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 its earnings adjusted to exclude one-time items amounted to $1.79 a share, topping Wall Street expectations. Visa’s results were driven largely by a significant jump in the amount of money and the number of transactions that went through its payment network. The company processed $3.384 trillion in payments on its network last quarter, up 17% from a year earlier. Visa earns a fee from every transactions that uses its network.