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Visa Profit Drops 23% as Card Spending Slows

Visa noted that quarterly revenue fell 23% amid a decrease in payments activity resulting from coronavirus-related shutdowns.

For the third quarter, Visa’s internet profits dropped to $2.37 billion, or $1.07 for every Class A share, from $3.ten billion, or $1.37 for every Class A share, a year earlier. Internet profits fell seventeen% to $4.eighty four billion.

Analysts had been anticipating earnings of $1.03 for every share on profits of $4.83 billion. It was Visa’s first year-about-year decrease in quarterly profits and modified internet profits since the organization went public in 2008 and turned the world’s biggest payment community.

“All of

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