Visa earnings beat on higher customer spending

(Reuters) - Visa Inc (NYSE: V) beat analysts' estimates for quarterly earnings on Tuesday, as a robust economy encouraged customers to spend more and boosted fees for the world's largest payment processor.

Total payments volume rose 8.7% to $2.23 trillion, on a constant dollar basis, with the United States - its largest market - accounting for about 8.8% of the total.

Payments volume represents the dollar amount of purchases made with cards carrying Visa's branding.

The number of transactions processed rose 11.7% to $35.43 billion.

Net income rose to $3.10 billion, or $1.37 per Class A share, in the quarter ended June 30 from $2.33 billion, or $1 per Class A share, a year earlier. (https://bit.ly/32LPG4m)

On an adjusted basis, Visa earned $1.37 per share, while analysts expected a profit of $1.32 per share, according to Refinitiv data.

Net revenue rose 11.5% to $5.84 billion, while analysts had expected $5.70 billion.

(Reporting by C Nivedita in Bengaluru; Editing by Bernard Orr and Anil D'Silva)

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