VKontakte doubles revenue to 9 bln rubles in 2 yrs
MOSCOW. Feb 22 (Interfax) - Russian social network VKontakte (VK) nearly doubled revenue to 8.9 billion rubles in 2016 compared with 2014, VK owner Mail.ru Group said in a preliminary trading statement.
VK revenue in 2016 was 43.4% higher than in 2015.
EBITDA totaled 5.3 billion rubles in 2016, 70% more than in 2015 and three times higher than in 2014. The EBITDA margin rose to 59.7% from 48% in 2015.
"At the time of the acquisition of the final 48.01% of VK in September 2014 we said that we would at least double revenues in 3 years. This has been achieved in 2 years. We continue to see significant further opportunities for VK with both an expanding user base and an increasing number of features, and as such, expect to be able to double the VK revenues again over the next 3 to 4 years," Mail.ru Group said.