Visa 2Q profits fall 2%, as economic slowdown hits payments

NEW YORK (AP) — Visa says fiscal second-quarter profits fell 2% from a year earlier, as the company dealt with a slowdown across its payment network due to the global pandemic. The payment processing giant said it earned $3.03 billion in its fiscal second quarter, or $1.38 a share, down from $3.08 billion in the same period a year ago. A lack of travel and a global slowdown of the economy caused payments volume to fall by 11% from a year earlier, the company said.