Visa released its quarterly results report, confirming that it suffered a loss of $60 million due to the suspension of operations in Russia.
The company’s revenue for the quarter ended March 31 totaled $7.2 billion, up 25% year-over-year. Visa’s net income was $3.6 billion, up 21% year-on-year.
At the same time, the company suffered “administrative losses of $35 million as a result of the deconsolidation of a subsidiary in Russia”, and also “spent $25 million to support our staff in Russia and Ukraine.” Visa added that over the past six months, Russia has brought her only 4% of total revenue.
Last week, concerns were raised that Russians would be banned from opening cards of international payment systems Visa and Mastercard in other countries.
Mastercard and Visa suspended work in Russia in early March.
Source: ixbt
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