July 28, 2020 / 8:26 PM / 14 days ago

Visa reports 23% fall in quarterly profit on COVID spending stall

July 28(Reuters) - Visa Inc reported a 23% decline in quarterly profit on Tuesday after spending over the world’s largest payment network stalled due to the coronavirus pandemic.

Net income fell to $2.37 billion, or $1.07 per Class A share, in the quarter ended June 30 from $3.10 billion, or $1.37 per Class A share, a year earlier.

Net revenue fell 17% to $4.84 billion.

The results marked the first year-over-year decline in quarterly revenue and in adjusted net income since the company went public in 2008. (Reporting by David Henry in New York; Additional reporting by C Nivedita Editing by Sonya Hepinstall)

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