Visa 4Q profits plunge, as pandemic slows payments worldwide

By Associated Press

Visa Inc. said Wednesday that its fiscal fourth quarter profits dropped 29% due to fewer dollars crossing on its namesake payment network while the world was in the grips of a pandemic-caused recession. Visa recognizes revenue from the quarter before, so the payments activity that ended June 30 is reflected in the profits that the company reported Wednesday. The April 1 to June 30 period was when the U.S. and the rest of the world was being hard hit by the pandemic's outbreak, so payments and transactions plunged sharply.

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Via:: Sports Headlines

      

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