UPDATE 1-Visa earnings beat on higher customer spending

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FILE PHOTO: VISA credit cards are seen in this picture illustration taken June 9, 2016. REUTERS/Maxim Zmeyev/Illustration/File Photo

(Reuters) – Visa Inc (V.N) 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. (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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