On Thursday, a 12.9 percent revenue growth in the third quarter, on a year on year perspective was reported by Mail.ru, an internet group in Russia, added that, it did lose momentum as a negative effect of showing earnings from an economic slump.
It was stated by the internet company that 7.4 rubles ($178.5 million) was the total revenue and this is not including any input from VKontakte (VK). After it had bought out the opposing co-investor at the start of the month for $1.5 billion, the internet company stated that VK will start to be consolidated.The company went to further state that 968 million rubles was made by VK as its third quarter revenues, which is a significant upturn in year on year basis of 6.7 percent
Mail.ru exhibited an effect of an economic environment that is becoming more and more difficult as in August it cut its revenue guidance from 22 – 24 percent.
The Chief Executive Officer, Dmitri Grishin further stated that based on what the company stated with the H1 results, change was not present in the environment underlying it thus, forecasting still remains a challenge.