Payments processor Visa reported its smallest jump in quarterly profit in over two years as consumers worried about an economic downturn tightened spending.
Peer American Express
reported record spending in its quarterly report on Friday, but kept its full-year profit forecast unchanged. Mastercard is scheduled to report quarterly earnings on Thursday. Excluding one-time costs, Visa posted a profit of $4.5 billion, or $2.16 per share, for the three months ended June 30, up 7% from a year ago.
The single-digit percentage growth was the smallest since the second quarter of fiscal 2021, when profit had contracted.The San Francisco, California-based company has undergone a change of guard this year with long-time Visa executive Ryan McInerney
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