Visa Warns on Q2 Revenue Amid Virus-Led Hit to Cross-Border Business
Investing.com
Published Mar 02, 2020 04:40PM ET
Updated Mar 02, 2020 04:52PM ET
Investing.com - Visa (NYSE:V) 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:V) 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.
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