The Russian social network Vkontakte made more than $500,000 every day during the first quarter of 2017, new data has revealed.
Russia's Mail.ru Group, the company behind Vkontakte, announced on Friday that the site had earned 2.744 billion rubles ($48 million) in the first quarter of 2017. The figures mark a 45.9 percent increase in revenue in the first quarter of 2016.
The news follows growing profits in 2016 and 2015, when it rose by 43.3 percent and 44.2 percent respectively.
Advertising accounted for the bulk of the social network's revenue, the company said.
Mail.ru's also announced rising revenues in areas such as gaming and e-commerce, which saw earnings rise by 150 percent and 20 percent respectively.
The company's other social networks did not fare as well however, with revenue for Moy Mir and Odnoklassniki falling by roughly 1 percent.
VKontakte currently boasts an active monthly audience of 97 million people, with the majority of users based in Europe and Central Asia. Some 80 million people access the site through mobile devices each month.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
