By Dhirendra Tripathi
Investing.com – Visa (NYSE:V) rose more than 2% to a 52-week high Wednesday as the company's March quarter numbers showed a return to positive growth for credit card transactions.
Debit and e-commerce growth also came at healthy levels. The pandemic first led to more buyers ordering stuff online not just for immediate consumption but also for stocking up. Spending rose more recently as people stepped out, free after a year of lockdown.
The company benefited from rising consumer spending after a year of lockdown in various countries.
Payments volume for the three months ended March 31 rose 11% over the prior year. Domestic transactions led the 8% rise in total processed transactions or transactions processed by Visa to 37.6 billion.
Both net revenue and non-GAAP net income fell 2% each. Net revenue was $5.7 billion and net income $3 billion.