Visa Shares Up After Updating Operational Metrics
02 Junho 2021 - 12:59PM
Dow Jones News
By Michael Dabaie
Visa Inc. shares were up 2% to $231.82 to lead DJIA gainers in
Wednesday morning trading after the company said operational
metrics in May were consistent or better than April versus fiscal
2019 levels.
The payment services company Tuesday afternoon said in a
Securities and Exchange Commission filing that for U.S. payments
volume in May, credit continued to improve, up three points from
April as compared with 2019 levels, while debit growth remained
elevated at 151% of 2019.
"As we began to lap the most significant Covid-19 impacts
starting in March 2020, year-over-year growth rates were not
reflective of the underlying trend, therefore performance metrics
relative to fiscal 2019 have also been provided," Visa said in the
filing.
Compared with fiscal 2019 levels, operational metrics in May
were generally consistent or better than April levels, the company
said.
While travel spend was still below 2019 levels, it has steadily
improved over the last several months relative to 2019, expanding
about 30 points from January through May, Visa said.
International market payments volume trends in May from the same
period in 2019 were stable to April trends, Visa said. The
exception to this was India, which continued to slow, and several
other Asian countries that were affected by new Covid-related
restrictions, the company said.
In Europe, many countries improved versus 2019 levels with the
relaxing of Covid-related restrictions, Visa said in the
filing.
The payments volume update points to normalization, Wedbush said
in a note.
"The market is likely underestimating the margin/earnings
accretion from a full cross-border/travel recovery" Wedbush
said.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
June 02, 2021 11:54 ET (15:54 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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