According to him, the drivers of growth in the advertising segment,

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As noted by FG ​​Finam analyst Leonid Delitsyn, the report states that total segment revenue for the quarter grew by 21% year-on-year and amounted to RUB 24.2 billion, while in Q3 2021 it was reported that the same figure grew by 19% and amounted to RUB 30.4 billion. "The difference is explained by the revenue of the My.Games division, which was sold and which can no longer be taken into account. In particular, IFRS does not allow revenue from the sold My.Games to be included in the results. A year earlier, the total net profit from consolidated subsidiaries increased by 41% and amounted to RUB 3.8 billion. There germany cell phone number list were major changes in the composition of assets. The profit from the sold joint ventures - "O2O Holding" - was taken into account, as required by the rules, which ultimately yielded a profit of RUB 24 billion. VK's daily audience grew by 7.1%. This is a really high rate for a mature market. For example, Twitter has been losing audience in recent years. The monthly reach increased by 6.9% to 76.9 million users. This means that over the years, the holding company, which used to be Mail.Ru and has now become VK, has generally retained its Russian audience, despite the onslaught of new communication tools - WhatsApp, TikTok, Telegram, etc.," the analyst says.

which are indicated in the report, are present, but they also do not help to understand almost anything. "For example, the driver is "performance formats", which grew by 71% year-on-year. It is not very clear whether this is good or bad, because performance means that the platform is responsible for the results of advertising the advertiser's goods and services. This is the toughest and most unprofitable option for the platform. A profitable option is when one banner hangs at an exorbitant price, but the advertiser still pays because he believes that he must be present here. An exemplary, although still small, segment for VK is educational. It grew in revenue by 20.3% to 2.6 billion rubles, and also increased its efficiency - EBITDA marginality increased by 34 p.p. This can be explained by the fact that VK - the largest player in the domestic online education segment - began to benefit from its size and control costs," notes Leonid Delitsyn.

In his opinion, the most important change in the asset composition is the sale of My.Games to the LETA Capital fund for $642 million. "Mainly due to this, VK's past indicators are now of little use for predicting the future - there is no longer a large gaming business. Incidentally, it has shrunk a little over the past year - by 6%. There is no more Delivery Club food delivery, but there are acquired Yandex News and Zen and the main page of yandex.ru rented from there," the analyst concluded.