VK revenue grew by 19.3%
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VK’s IFRS revenue in 2022 increased to 97.8 billion rubles, which is 19.3% more than in 2021. About this says in the reporting of VK for the last year.
It is noted that the main source of growth was revenue from online advertising. Compared to 2021, it increased by 29%. The revenue of the key segment “Social networks and content services” reached 75.1 billion rubles, which is 22% more than a year earlier.
The main drivers were the growth of the VKontakte social network and the purchase ofYandex.Novosti and Zen. It is specified that the revenue of VKontakte in 2022 increased by 22%. In addition, in the fourth quarter, the average monthly audience of the social network amounted to a record 79.5 million users.
The fastest growing segment in 2022 was Business Technologies (VK Cloud, VK WorkSpace communication services), VK noted. Its revenue amounted to 5.8 billion rubles, an increase of 83% year-on-year. The segment’s EBITDA margin increased by 17 p.p. to 20% in 2022.
Adjusted EBITDA of VK increased by 8.9% yoy to RUB 20 bn. The EBITDA margin was 20.4%, follows from the reporting. VK specified that profitability in the Educational Technologies and Technologies for Business segments increased by 15 and 17 percentage points compared to 2021.
Operating expenses in 2022 amounted to RUB 83 billion. At the same time, the total loss decreased by 12.4 billion rubles. — from 15.3 billion to 2.9 billion rubles. last year, including through the restructuring and optimization of the company’s assets.
VK is one of the largest technology corporations in Russia. Among the company’s assets are social networks VKontakte, Odnoklassniki, services Zen, Mail.ru Mail, VK Music, VK Clips, VK Video, etc. In addition, in February, VK redeemed educational platform “Uchi.ru” for 8.7 billion rubles, and in early March acquired 51% of the communication agency Didenok Team, which specializes in working with bloggers.
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