They reported that revenue from the New Initiatives

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According to them, VKontakte remains the main source of revenue and maintains its leading position among social networks in Russia. The average monthly audience of the social network grew by 6.9% year-on-year to 76.9 million users, the average daily audience grew by 7.1% year-on-year to 49.4 million users. "The growth of the audience and its involvement led to an increase in VKontakte revenue by almost 34% year-on-year based on the results of the quarter. The VK video technology platform, which includes VK Video and VK Clips, reached a new record in the third quarter - an average of 2.41 billion views per germany cell phone number list day," the company representatives explained. They reported that the revenue of the Education segment grew by 20.3% year-on-year to 2.6 billion rubles. "The segment again reached a positive adjusted EBITDA level with a figure of 459 million rubles and a profitability of 16%," VK representatives noted.

segment increased by 7% to RUB 3.1 billion in the third quarter. "B2B services, including cloud services, VK Play, VK Clips, became the main growth drivers for the segment," VK representatives clarified.

The adjusted EBITDA loss in Q3 was RUB 1 billion, compared to RUB 0.9 billion a year earlier. "The company continues to actively invest in VK Play, VK Clips, and a number of other new initiatives. The revenue of B2B projects in this segment exceeded RUB 1 billion in Q3, which is 28% higher than in the same period last year. VK Cloud services remain the main source of revenue. Corporate communications services showed the highest growth rates, increasing revenue by 4.4 times in Q3 compared to the previous year. The VK Tax Compliance tax monitoring platform also showed a 2.3-fold revenue growth year-on-year," the company's representatives said.

"The Yula classifieds service has achieved positive EBITDA for the first time since its launch, with its average monthly active audience in the third quarter amounting to 31 million users," VK representatives said.

VK representatives stated that given the heightened level of macro- and geopolitical uncertainty, the company is refraining from making forecasts for now.

Analysts at PJSC Promsvyazbank assess VK's results as good. "The online advertising segment became the driver of revenue growth, while income from user payments decreased. Government benefits for IT companies and cost control supported the growth of adjusted EBITDA. The company showed a record net profit of RUB 41.2 billion against a loss of RUB 2.3 billion in Q3 2021, but this is due to the sale of a stake in the O2O joint venture. We believe that the report will provide good support to the company's shares. At the same time, the prospects for Q4 seem good to us, given the company's positioning in the online advertising market and resistance to sanctions pressure," noted specialists from the Promsvyazbank Analytics and Expertise Center.