Visa's profits shrink as virus stops consumers from spending

Credit card processing giant Visa Inc. said its fiscal third quarter profit fell by 23% from a year ago, undercut by the world’s consumers and businesses dramatically slowing their spending as the coronavirus pandemic took hold.Visa said it earned a profit of $2.37 billion last quarter, down from $3.1 billion from a year earlier.Visa’s business model — taking a small percentage of every transaction that runs on the Visa network — is highly susceptible to fluctuations in h