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.
