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Top related persons:
Benoit Tessier - 1 Vasant Prabhu - 1 Sachin Mehra - 1 Edward Jones - 1 Logan Purk - 1 Manya Saini - 1 Niket - 1 Krishna Chandra - 1
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China Mainland China U.S . Federal Bengaluru
Top related orgs:
REUTERS - 1 Mastercard - 1 U.S - 1 Reuters Graphics Visa - 1 Thomson - 1

Search resuls for: "Vasant Prabhu"


5 mentions found


☆ US card companies' wager on China travel boost hit by economic gloom
  + stars: | 2023-07-27 | by ( Manya Saini Niket Nishant | Manya Saini | Niket Nishant | ) www.reuters.com   time to read: +2 min
REUTERS/Benoit TessierJuly 27 (Reuters) - Visa (V.N) and Mastercard (MA.N), which bet on China to boost travel spending, have had to contend with a disappointing first half of the year as post-COVID momentum in the world's second-biggest economy loses steam. In their earnings calls this week, both card giants said travel in China was nowhere near pre-pandemic levels. "Looking at Mainland China specifically, cross-border travel continued to improve but remains well below 2019 levels," said Vasant Prabhu, Visa's chief financial officer. His counterpart at Mastercard, Sachin Mehra, also said there was further room for travel recovery in China. Reuters GraphicsInbound cross-border travel to China stood at nearly 50% of 2019 levels, while outbound travel was nearly 70%, the company said.
Persons: Benoit Tessier, Vasant Prabhu, Sachin Mehra, Edward Jones, Logan Purk, Manya Saini, Niket, Krishna Chandra Organizations: REUTERS, Mastercard, Reuters, U.S, Reuters Graphics Visa, Thomson Locations: China, Mainland China, U.S . Federal, Bengaluru
☆ Visa earnings offer evidence of consumer strength and signals inflation is falling
  + stars: | 2023-04-26 | by ( Bob Pisani | ) www.cnbc.com   time to read: +2 min
"Starting in March and through the summer, we will be lapping the peaks in fuel prices last year," Prabhu said. In 2022, fuel prices continued to rise through spring and peaked in June." Another reason ticket prices are lower: Retailers are discounting. Strong consumer. Lower inflation.
☆ Visa Finance Chief Vasant Prabhu to Depart in September
  + stars: | 2023-02-16 | by ( Mark Maurer | ) www.wsj.com   time to read: +2 min
Visa Inc. said its chief financial officer, Vasant Prabhu, is stepping down as the payments giant works to continue growing certain merchant services and making acquisitions. Mr. Prabhu will leave Visa on Sept. 30, the San Francisco-based company said Thursday. Mr. Prabhu, who also served as vice chair, will assist Visa with the search for and onboarding of his successor before stepping down from his role, the company said. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. Visa in January reported $7.94 billion in revenue for the quarter ended Dec. 31, up 12.4% from the prior-year period.
☆ Visa revenue growth slows more as tough economy sobers spending
  + stars: | 2023-01-27 | by ( Mehnaz Yasmin | ) www.reuters.com   time to read: +2 min
REUTERS/Philippe Wojazer/Illustration//File PhotoJan 26 (Reuters) - Visa Inc's (V.N) revenue growth continued to wind back to pre-pandemic levels in the first quarter as the post-lockdown travel craze ebbed and consumer spending slowed in a tough economy. The growth was, however, far lower than a 40% surge in cross-border volumes in the first quarter of 2021 and a 20% jump in payments volumes. The firm's exit from Russia will impact reported payments volume growth rates in the second quarter, Prabhu said on a post-earnings call. Earlier in the day, rival Mastercard Inc (MA.N) forecast current-quarter revenue growth below expectations as pent-up demand for travel was seen slowing going forward. Visa reported a profit of $2.18 a share, comfortably above the $2.01 estimated by analysts, according to Refinitiv.
☆ Visa profit beats as payment volumes surge on travel demand
  + stars: | 2022-10-25 | by ( Mehnaz Yasmin | ) www.reuters.com   time to read: +2 min
"Travel outbound from the U.S. to all geographies continue to pick up steam," Chief Financial Officer Vasant Prabhu said on a post-earnings call. "The strong dollar and delays in visa issuance from some countries appear to be impacting travel into the U.S," he added. Transactions processed at the world's largest payments processor rose 12% on a constant dollar basis to 50.9 billion in the fourth quarter ended Sept. 30. On a constant dollar basis, Visa's payment volumes surged 10%, while cross-border volumes - a key measure that tracks spending on cards beyond the country of issue - jumped 36%. Excluding items, the world's largest payments processor reported a profit of $1.93 a share, beating estimates of $1.86, according to Refinitiv IBES data.
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