Visa Inc reported higher expenses and lower spending by people using its cards a...
- Visa Inc reported higher expenses and lower spending by people using its cards abroad on Wednesday even as increased overall consumer spending drove quarterly profit 14 percent higher.
The company and its rival Mastercard had recently come under fire for charging high fees on tourist cards in the European Union. Total transaction volumes in Europe fell to $536 billion in the reported quarter from $558 billion a year earlier. Growth in the United States for the world’s biggest payment processor was spurred by higher wages, which led more consumers to swipe their credit- and debit-cards on the company’s extensive network.
The company raised its full-year earnings per share outlook range and reaffirmed its 2019 guidance for net revenue and operating expense growth.
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