Wednesday, May 18, 2022
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Visa loses $60 mln after suspending operations in Russia

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EDITOR'S CHOICE

Visa suffered a loss of $60 million due to the suspension of operations in Russia. This according to the data contained in the payment system’s quarterly report, published on Tuesday.

“Current year’s results included $127 million of net losses from equity investments, $40 million from the amortization of acquired intangible assets and non-recurring acquisition-related costs, and $60 million from the Russia-Ukraine charges,” the report says.

The company’s revenue for the first quarter of 2021 totaled $7.2 billion, up 25% year-over-year. Visa’s net profit amounted to $3.6 billion and also grew year on year – by 21%.

The company noted that over the past three-and six-month period, Visa “recorded a loss within general and administrative expense of $35 million from the deconsolidation of our Russian subsidiary.”

“We also incurred charges of $25 million in personnel expense as a result of steps taken to support our employees in Russia and Ukraine,” Visa said stressing that over the past six months, Visa has received only 4% of its revenue from operations in the Russian Federation.

International payment systems Visa and Mastercard simultaneously decided to limit operations in Russia due to the situation around Ukraine. Visa and Mastercard cards of all Russian banks continue to work within the Russian Federation, customer funds on accounts linked to such cards are fully saved and available. Cross-border card transactions are not carried out. This applies both to paying for purchases in foreign online stores and using these cards abroad.

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