Visa quarterly profit rises on resilient consumer spending

Oct 27 : Visa reported a jump in fourth-quarter profit on Tuesday as customers swiped their cards to pay for travel, shopping and dining out.

US consumer spending has remained resilient in the face of persistent inflationary pressures, underpinned by a strong labor market and wage growth.

The FIFA World Cup, which ran from June 11 to July 19, also helped boost activity across Visa's network as it brought many visitors to the United States.

Payments volume, a gauge of consumer and business spending on Visa's network, jumped 9 per cent in the quarter.

The world's largest payment processor's net income was $6 billion, or $3.19 per share, in the three months ended September 30, compared with $5.1 billion, or $2.62 per share, a year earlier.