Visa Soars as Cardholders Spend in Spite of Omicron’s Surge
- Payments giant sees increase in cross-border spending
- Profit rises even with suspension of Russian operations
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Visa Inc. shares surged after the payments giant said spending on its network jumped, even with the suspension of operations in Russia and as the lingering impacts of the omicron variant hindered travel in the first few weeks of the year.
Purchase volumes climbed 17% to $2.78 trillion in its fiscal second quarter ending March 31, Visa said Tuesday in a statement. That was in line with the average of analysts’ estimates compiled by Bloomberg. Credit-card spending by affluent U.S. customers was well above pre-pandemic levels, which helped buoy results in the quarter, according to Chief Executive Officer Al Kelly.