VK’s IFRS revenue grew by 39.5% in the first quarter – Kommersant

In the first quarter of 2023, VK’s revenue under international financial reporting standards (IFRS) amounted to 27.3 billion rubles. This is 39.5% more than in the same period last year. The average daily audience of VK services increased by 17% to 76 million users. Against the background of the publication of financial statements, VK receipts on the Moscow Exchange grew by 4.7%.

The main source of growth in the company was called online advertising, the revenue of which increased by 67%, to 16.3 billion rubles. Revenue of the “Social networks and content services” segment grew by 47%, to 21.5 billion rubles, of the “Educational technologies” segment – by 21%, to 3.4 billion rubles, of the “Technologies for business” segment – by 55% , up to 1.1 billion rubles. Revenue from new business areas, including voice technologies, the VK Play platform and the RuStore app store, amounted to RUB 1.35 billion.

“The main revenue drivers for this segment in the first quarter of 2023 were voice speakers and VK Play. At the end of the first quarter of 2023, more than 16.5 million accounts were registered in VK Play, and the monthly unique audience of the project exceeded 13 million users,” the report says (quoted by TASS).

February VK singled out 300 million rubles for the development of Russian game developers – their projects will receive special conditions and additional opportunities for promotion when published in VK Play. Since the end of January, the VK Play Cloud cloud gaming service has become available in the VK Play application on Android.

Laura Keffer