VK Company Limited Sponsored GDR ( (MLRYY) ) has released its Q3 earnings. Here is a breakdown of the information VK Company Limited Sponsored GDR presented to its investors.
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VK Company Limited, a leading technology firm in Russia, offers a wide range of online services, including social networking, video content, and digital business solutions, making it a significant player in the Russian internet industry. In its latest earnings report for the third quarter and nine months of 2024, VK showcased substantial growth in various segments, driven by its online advertising and technology services. The company reported a 21% year-over-year increase in revenue for the first nine months of 2024, reaching RUB 109.6 billion. Key contributors to this growth included a 60% rise in VK Tech revenues and a 27% increase in online advertising revenue within the SME segment.
Among the standout figures, VK’s social platforms and media content segment saw a revenue increase of 22.1%, largely due to the success of VKontakte and the surge in video views on VK Clips and VK Video. The company’s EdTech segment also performed well, with a 15.4% growth in revenue, supported by the success of educational platforms like Skillbox and Uchi.ru. Furthermore, VK Tech emerged as the fastest-growing division, with its revenue soaring by 60.1%, thanks to the expansion of cloud services and communication solutions.
VK continues to enhance its video services, launching new monetization programs and expanding its content library, which has made VK Video the second most popular video platform in Russia. The company’s strategic investments in technology and content creation have bolstered user engagement and audience loyalty, reflected in its impressive daily active user count of 76 million in Q3 2024.
Looking forward, VK’s management remains optimistic about sustaining its growth trajectory, focusing on expanding its digital services and further integrating advanced technologies across its platforms. The company aims to maintain its leadership position in the Russian internet market by continuously improving user experience and broadening its service offerings.