Visa Shares Gain on Better-Than-Expected Overseas Card Spending
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Visa Inc. shares advanced on a smaller-than-expected drop in spending by cardholders overseas, where governments have restricted tourism to stem the coronavirus pandemic.
Cross-border volume fell 29% in the company’s fiscal fourth quarter, less than the 33% analysts were anticipating, according to a statement Wednesday. Visa’s performance contrasts with results posted earlier in the day by Mastercard Inc., whose cross-border fees slid more than expected.