Mail.ru Group announced its financial results for the Q1 2018
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Mail.ru Group announced its financial results for the first quarter of 2018. Taking into account that the company purchased ESforce for $100 million in January, its total revenue increased by 27.8%. The revenue reached 16.5 billion rubles.
The net profit decreased by 32.2% and amounted to 2.406 billion rubles.
The revenue from advertising grew by 40.3% and reached 6.55 billion rubles. The increasing involvement of users contributed to the growth in revenue. Also, better sales performance and improved advertising technologies helped increase the revenue.
The company noted that the fastest revenue growth still comes from advertising in social networks. Advertising budgets continue to be redistributed in favor of online advertising, especially in advertising in social networks. The revenue of Vkontakte increased by 60.3% and reached 4.236 billion rubles. In 2018, the company will continue to focus on VK. There is great potential in Vkontakte. It gives a lot of opportunities for socializing and entertainment.
The total revenue of Delivery Club, ZakaZaka, Youla and Pandao services increased by 119.8% and amounted to 1.06 billion rubles.