Group aggregate net loss including key strategic associates and joint ventures was $28 million (2.1 billion rubles) compared to the second quarter of 2020 net profit of $160 million (1.2 billion rubles), including O2O joint venture with Sberbank ($529 ml in Q2 2021 vs $244 ml in Q2 2020), AliExpress Russia ($66 ml in Q2 2021 vs $39 ml in Q2 2020), and Uchi.ru online education platform ($339 633 in Q2 2021).
Advertising grew 38.8% in the second quarter 2021, accelerating for the fourth quarter in a row (5% in Q3 2020, 10.2% in Q4 2020, and 22% in Q1 2021). Among the company’s services, social network VK.com remains the growth engine, with its 35% total revenue growth in Q2.
MMO Games saw a 6% contraction in Q2, but with the overall Games segment (represented by MY.GAMES) slightly surpassing Q2 2020 in absolute revenues +1% to $150 million (11.1 billion rubles).
Overall, the Group remains on track to deliver $172 million (127-130 billion rubles) in revenues in 2021.