Cross-border spending and a healthier U.S. credit card market helped boost Visa Inc.’s fiscal second-quarter earnings, the card brand announced May 2.
The payment network reported net income of $1.3 billion for its second fiscal quarter ended March 31, up 47.7% from $880 million a year earlier. Operating revenue rose 14.7% to $2.58 billion from $2.25 billion.
Operating expenses during the quarter rose 12.8%, to $972 million from $862 million.
Global credit card sales volume 13.7%, to $588 billion from $517 billion. Global debit sales volume rose 6.7% to $368 billion from $345 billion.
"Our strong financial performance this quarter was fueled by continued growth of U.S. credit products, strong cross-border spending and expansion of Visa's core business in international markets," Joseph Saunders, Visa chairman and CEO, said in the company’s earnings release "Across the globe, Visa's business continues to expand at a healthy pace, the result of our commitment to continued expansion in our core business as well as our ability to leverage innovative payment technologies."