The Visa company, which is developing the payment system of the same name, has released a financial report on the results of the second financial quarter of 2022 (it differs from the calendar one). About this with reference to report informs Forbes.
Visa estimates the loss due to leaving Russia at $60 million, with a net profit for the quarter of $3.6 billion. It is reported that 35 million dollars of the lost 60 million were spent on the “deconsolidation of the Russian subsidiary”, that is, the separation of the Russian office from the global one. The company spent another $25 million to support employees of the Russian and Ukrainian offices.
$60 million is not the largest loss mentioned in the report. In addition to them, the company recorded a loss of another 167 million, 127 of which are related to equity investments, and 40 are amortization of acquired intangible assets and expenses associated with their acquisition.
The second fiscal quarter (annually ends March 31) of 2022 was successful for the company: revenue grew by 25%, and net profit – by 21% and amounted to, as I wrote earlier, $ 3.6 billion. At the same time, growth over the past six months amounted to 24% compared to the same period a year earlier. The resulting six-month net profit was $7.6 billion.
Russia occupied 4% of the total net income of the company in Visa’s activities.
.
The post Visa lost $60 million due to withdrawal from Russia – Wylsacom appeared first on Gamingsym.