VK’s revenue in the first quarter increased by 39.5% and amounted to 27.3 billion rubles
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VK let down financial results for the first quarter of 2023. The company’s revenue increased by 39.5% year-on-year and amounted to RUB 27.3 billion.
VK received its main income from advertising activities, the revenue from which grew by 67% compared to the first quarter of 2022. It amounted to 16.3 billion rubles. Online performance ad formats grew 1.8 times year-on-year, while the SME segment showed growth two times year-on-year.
According to VK, at the end of the first quarter of 2023, users of the company’s services account for more than 95% of the monthly Runet audience. The average daily audience was 76 million users (+17% yoy). Users spent 17% more time on VK services, and daily visit time among all users reached 3.6 billion minutes per day.
In VKontakte, the average monthly audience grew by 11% and amounted to 81.5 million users, and the average daily audience – 52.3 million users. Growth compared to Q1 2022 was 49%.
The Social Networks and Content Services segment, which includes VKontakte, Zen, VK Clips and other projects, brought the company 21.5 billion rubles. quarterly (+46.7% yoy). “Educational technologies” (Skillbox, Geekbrains) brought 3.4 billion rubles. (+20.6% yoy).
VK Cloud and communication services increased VK’s total revenue by RUB 1.1 billion (+55.4% yoy), while the New Business Lines segment increased by RUB 1.35 billion.
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