VK’s revenue in the first half of 2023 increased by 36% to 57.3 bln rub

VK’s revenue in the first half of 2023 increased by 36% to 57.3 bln rub

VK's revenue under IFRS in the first half of 2023 increased by 36.3% to 57.3 billion rubles compared to the same period in 2022.

VK’s revenue in the first half of 2023 increased by 36% to 57.3 bln rub

The main source of growth was revenue from online advertising, which increased by 51% a year to 35.1 billion rubles. 

Adjusted EBITDA in January-June 2023 amounted to 3.9 billion rubles, with an EBITDA margin of 6.8%.

The total loss in the first half of 2023 decreased by 44.7 billion rubles - from 53.5 billion rubles in the first half of 2022 and amounted to 8.8 billion rubles. This figure is explained by restructuring and optimization of the group's assets.

According to the company’s data, at the end of June this year, users of VK services account for more than 95% of the monthly audience in Runet. According to the results of the second quarter of 2023, the daily average audience (DAU) of the company's services increased by 16% compared to the second quarter of 2022 and reached 76 million users.

Revenue of VK's key segment "Social Networks and Content Services" (main projects: VKontakte, OK, Zen, Portal, Mail.ru, VK Music, VK Clips, VK Video, VK Messenger) increased by 40% to 45 billion rubles. The segment's EBITDA margin in the reporting period was 20%. The main drivers of segment’s revenue growth were:

Growth of VK's largest asset, the VKontakte social network. In the second quarter of 2023, the monthly average audience (MAU) of the social network in Russia grew by 12%, amounting to 84.6 million users. The daily average audience (DAU) increased by 10% and amounted to 54.2 million users. The growth of the audience and its involvement allowed VKontakte to increase its revenue by 27% in the first half of the year.  

Acquisition of the Zen platform in September 2022. The daily audience of the service in the second quarter of 2023 was total to 32 million users.

The revenue of the “Educational Technologies” segment (Skillbox, Geekbrains, Skillfactory, Mentorama, Lerna, Sferum, Uchi.ru) in the first half of the year increased by 28% to 7 billion rubles. This happened due to the growth in demand for courses of educational platforms and the consolidation of the online platform for "Uchi.ru" schoolchildren. In the first half of 2023, the segment broke even on EBITDA.

Revenue of VK Tech (VK Cloud, VK WorkSpace) in the first half of 2023 increased by 64%, amounting to 3 billion rubles. The indicator was influenced by VK WorkSpace solutions, whose revenue increased by 218% year-on-year (yoy) in the second quarter and by 153% yoy in the first half of the year, as well as cloud services of the VK Cloud platform, whose revenue grew by 54% yoy in the second quarter and by 72% yoy in the first half of the year.

Revenue of the “New Business Lines” segment (VK Play, RuStore, VK Pay, Youla, Marusia, VK Capsule, Movika) amounted to RUB 2.5 billion in the first half of 2023, being decreased by 3.4%. Loss on adjusted EBITDA amounted to RUB 3.3 billion.


https://rb.ru/news/vk-1half23/


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