Russian tech massive VK posted a staggering web lack of 94.94 billion rubles ($1.12 billion) in 2024 — just about 3 times the 34.29 billion rubles ($405 million) it misplaced in 2023 — regardless of attaining record-high income, in step with its annual document printed Thursday.
The corporate reported a complete income of 147.57 billion rubles ($1.74 billion) in 2024, an important building up from 120.3 billion rubles ($1.42 billion) the former 12 months. On the other hand, VK ignored its web loss figures from its press free up saying the income milestone.
Web advertising made up just about two-thirds of VK’s income in 2024.
Following the document’s newsletter, VK stocks tumbled greater than 6% at the Moscow Inventory Change (MOEX).
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VK operates Russia’s biggest social media community, VKontakte, in addition to the Odnoklassniki social community, the grocery provider Supply Membership and several other different on-line companies.
The corporate got here underneath state regulate in 2021 after Russian power massive Gazprom received a majority stake thru a chain of offers that purchased out billionaire Alisher Usmanov.
Analysts at Moscow-based monetary services and products company Finam had predicted VK would document vital web losses regardless of income expansion. In the meantime, the Interfax information company reported that VK’s income figures fell wanting its consensus forecast of 157.7 billion rubles.
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