Russian digital giant VK hit by second quarter loss

VK, previously known as Mail.ru Group, owner of Russian social network VKontakte, reported a second-quarter net loss of 3.4 billion roubles ($56 million). The loss is partly due to a 14 billion rouble ($231 million) foreign exchange hit.

The VKontakte network, often compared to Facebook, has emerged as a key player in the race to replace Western services in the wake of Russia’s invasion of Ukraine and blocks imposed by Moscow since then on Western social media platforms.

A restructure in VK ’s ownership announced in late 2021 made even stronger the Kremlin’s control over Russian social media and other digital assets.

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