VK's revenue grows 23% in 2024 to 147.6 bln rubles

MOSCOW. March 20 (Interfax) - The revenue of the VK internet holding amounted to 147.6 billion rubles in 2024, up 23% compared to the previous year, the company said.

The result was below the consensus forecast of Interfax, which had expected revenue to reach 157.7 billion rubles.

The main source of revenue growth in 2024 was online advertising income, which increased 20% compared to 2023, reaching 96.1 billion rubles, VK said. Revenue from online advertising for small and medium-sized businesses rose 27%, while revenue from video advertising on VK platforms doubled, amounting to 3.9 billion rubles.

Adjusted EBITDA was negative 4.9 billion rubles, compared with positive 0.2 billion rubles in 2023. The consensus forecast also predicted a negative indicator of 5.9 billion rubles.

VK's operating costs totaled 152.6 billion rubles in 2024, or 25.8 billion rubles more than in 2023.

Net losses rose almost 2.8-fold to 94.9 billion rubles, from 34.3 billion rubles in 2023.