(Reuters) -Visa reported an 8% rise in first-quarter profit on Thursday, as the world’s largest payments processor benefited from more customers swiping their credit cards for big purchases during the holiday shopping season and hitting the road.
U.S. consumers shrugged off the impact of sticky inflation to ring in a solid holiday season, snapping up beauty products, apparel and electronics that were on steep discounts both online and in retail stores.
Meanwhile, no weather-related disruptions in the final stretch of the year ensured travel within the U.S. and to international destinations also remained uninterrupted, lifting leisure, entertainment and cross-border volumes.
Payments volume increased 8% in the quarter on a constant-dollar basis.
On an adjusted basis, the company’s net income rose to $4.9 billion, or $2.41 per share, in the three months ended Dec. 31, from $4.58 billion, or $2.18 per share, a year earlier.
(Reporting by Manya Saini in Bengaluru; Editing by Sriraj Kalluvila)
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