The rally wasn’t enough to put the credit card giant ahead of the market, though, as it is still trailing indexes over the past year.
Investors were happy with Visa’s latest earnings report, which in late April showed evidence of a gathering rebound. Revenue fell just 2% through March, compared to a 6% decline in the prior quarter. “We believe we are starting to see the beginning of the end [of the pandemic slump],” CEO Alfred Kelly said in a press release, “and the recovery is well under way in a number of key markets around the world.”
Visa returned to rising payments volumes in the period, and its earnings beat expectations.
The financial services giant didn’t issue a detailed outlook for the rest of the year, which will involve lots of volatility as the business goes up against cratering demand from the peak pandemic-shutdown weeks last year. But volumes, revenue, and earnings will likely hit a new record soon as long as economies keep recovering in places like the U.S., Europe, and China.
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