By Yasin Ebrahim
Investing.com - Visa slipped in after-hours trade on Tuesday as a fall in payments volumes for the third-quarter offset earnings and revenue that topped consensus estimates.
Visa (NYSE:V) was down about 1.2% in after-hours trade.
Visa announced earnings per share of $1.06 on revenue of $4.84B. Analysts polled by Investing.com anticipated EPS of $1.03 on revenue of $4.82B.
Payments volume for the quarter, decreased 10% year over year, the higher-margin cross-border volume fell 37%, and processed transaction was down 13%.
"While the underlying business drivers declined year-on-year due to the COVID-19 pandemic, they improved each month throughout the quarter -- meaningfully for payments volumes and processed transactions and marginally for cross-border volume," the company said.
Visa A shares are up 6% from the beginning of the year , still down 8.12% from its 52 week high of $214.17 set on February 19. They are under-performing the Nasdaq which is up 15.93% from the start of the year.
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