partner shows and bloggers increased by 2.8 times.

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0.2 billion, and for Q2 2024 - by 21% compared to Q2 2023 - to RUB 36.4 billion.

Key indicators of MKPAO "VK" for the first half of 2024:

- The main source of growth was revenue from online advertising, which increased by 20% year-on-year to RUB 42 billion.
- Revenue from online advertising of small and medium businesses (SMB) increased by 29%. Revenue from advertising integrations in own content,
- VK's non-advertising peru whatsapp resource revenue increased by 27% year-on-year to RUB 28.2 billion.
- The "Technologies for Business" segment remains the fastest growing - in the first half of 2024, revenue increased by 49% year-on-year.
- Revenue in the "Educational Technologies" segment grew by 27% year-on-year.

VK's highlights for Q2 2024:

- the average monthly audience of VK Messenger in Russia increased by 13% year-on-year and amounted to 72.8 million users. The number of installations of the separate VK Messenger application by the end of Q2 2024 reached 40.6 million
- sales in the tutoring segment of Tetrika and Uchi.Doma increased by 73% to RUB 593 million compared to the same period in 2023, the average bill increased by 40% to RUB 27.6 thousand. 4.6 thousand teachers were active on the platforms, an increase of 60% compared to the same period in 2023.

Freedom Finance Global analyst Vladimir Chernov believes that VK's financial performance for the first half of the year and the second quarter of 2024 can be assessed as moderately negative, since revenue growth rates in all key segments are high, but profitability remains low against the background of the low base effect of 2023: "The high debt burden and its increase will continue to put pressure on the value of the company's securities during the period of the Bank of Russia's tight monetary policy. It is worth highlighting the net loss in the first half of the year in the amount of RUB 24.6 billion, against RUB 11.4 billion a year earlier, and the growth of the company's net debt by RUB 25 billion to RUB 152 billion. It is also worth highlighting the recovery of high rates of revenue from online advertising, which is the company's main source of income."

Artem Mikhaylin, an analyst at Veles Capital LLC, assessed VK's financial performance as neutral: "Revenue matched the consensus, and EBITDA was slightly better than forecasts. Positive revenue dynamics were observed in all key business segments, and growth rates slowed down due to a higher comparison base. EBITDA margin, although it decreased year-on-year, significantly improved compared to the second half of 2023. The growth of marketing expenses decreased significantly, as did the share of this item as a percentage of the group's total operating expenses. In our opinion, it is too early to talk about a trend reversal and further improvement in profitability. Some advertising campaigns were probably postponed to the second half of 2024. Our current recommendation for VK shares is "hold" with a target price of RUB 627 per share."

The profitability of the Social Platforms and Media Content