Visa flags hit to second-quarter revenue due to coronavirus outbreak


Visa Inc. credit and debit cards are arranged for a photograph in Washington, D.C., U.S., on Monday, April 22, 2019.

Andrew Harrer | Bloomberg | Getty Images

Visa warned on Monday that its second-quarter revenue growth would be slower than its previous forecast, becoming the latest payments services provider to be affected by the coronavirus outbreak.

The company said it expects current-quarter revenue growth to be between 2.5 and 3.5 percentage points lower than its previous forecast of low double-digit growth when compared with the first quarter.

Rival Mastercard and payments processor PayPal have warned of slowing first-quarter revenue growth due to the outbreak.

Visa said the epidemic has impacted travel to and from Asia, and has driven a sharp slowdown at its cross-border business, a key source of revenue for the world’s largest payments network.

The company said slowing cross-border growth rates do not yet fully reflect the virus spreading outside of Asia. “We anticipate that this deteriorating trend has not bottomed out yet.”

Products You May Like

Articles You May Like

IRS delays start of tax filing season to Feb. 12
Target’s same-store sales up 17% over the holidays as it holds on to some of its pandemic gains
U.S. health officials push hospitals to administer unused Covid antibody drugs
Opinion: why Brexit will become a negotiation without end | FT
Man makes last-ditch effort to recover $280 million in bitcoin he accidentally threw out

Leave a Reply

Your email address will not be published. Required fields are marked *