Mail.ru expects 2021 revenue to hit $1.75 billion after COVID catalyst

Russian internet group Mail.ru expects its revenue to grow to about $1.75 billion in 2021 as demand for online services grows as a result of the COVID-19 pandemic.

Mail.ru on Thursday reported 2020 revenue of 107.4 billion roubles ($1.5 billion), slightly above a company forecast. Net profit fell 32.1% year-on-year to 10.0 billion roubles as it invested heavily in games and services such as online education, food delivery, and e-commerce.

Coronavirus health restrictions keeping people at home helped online markets in 2020. Mail.ru, which owns the popular Vkontakte and Odnoklassniki social networking websites, generates the bulk of its revenue from advertising and gaming.