Visa Warns on Q2 Revenue Amid Virus-Led Hit to Cross-Border Business

Investing.com – Visa (NYSE:) fell in after-hours trade Monday after the payments company warned its fiscal second-quarter revenue would fall short guidance as the impact of the novel coronavirus hurt cross-border payment activity.

Visa (NYSE:) fell about 1% in after-hours trade, after rallying 6% on the day.

The company now expected fiscal second-quarter net revenue growth 2.5% to 3.5% lower than the outlook the company shared on its Jan. 30 earnings call.

“Cross-border growth rates have deteriorated week by week since the coronavirus outbreak in China, and trends through Feb. 28, 2020 do not yet fully reflect the impact of the coronavirus spreading outside of Asia. As such, we anticipate that this deteriorating trend has not bottomed out yet,” Visa said in an SEC filing.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.