12:24, 30 April 2022 753 views

Visa counts losses after leaving Russia

Visa also reports $127 million of net losses from equity investments and $40 million from the amortization of acquired intangible assets and non-recurring acquisition-related costs.

“During the three and six months ended March 31, 2022, we recorded a loss within general and administrative expense of $35 million from the deconsolidation of our Russian subsidiary,” the document says.

Besides, the company spent $25 million to support employees in Russia.

For the first half of fiscal 2022 and full year fiscal 2021, the payment system’s total net revenues from Russia were as few as 4% of their consolidated net revenues.

The company's GAAP net income in the fiscal second quarter was $3.6 billion, up 21%.