The developer of the MyOffice software greatly reduced revenue and received a loss in 2023
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The MyOffice software developer reduced revenue and ended up at a loss in 2023
At the end of last year, the revenue of the New Cloud Technologies (NOT) company decreased compared to 2022. This was a sharp decline – by 43.8%, writes RBC.
The MyOffice software developer earned only 1.9 billion rubles last year, its net loss amounted to 5.2 billion.
The company explained the annual loss rate by a general decrease in the rate of import substitution of office software in Russia. The company pointed to existing competition with Western corporations, even after they left Russia. Thus, Microsoft Corporation left Russians the opportunity to continue using its products and even purchase licenses.
NOTE cited the peculiarities of the Russian market as another negative factor for itself, when customers buy licenses for several years at once and refuse annual payments.
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