Russia's VKontakte owner VK hit by second quarter loss

FILE PHOTO: Marina Krasnova, General Director of VKontakte, attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 16, 2022. REUTERS/Anton Vaganov

LONDON (Reuters) - VK, owner of Russian social network VKontakte, reported a second-quarter net loss of 3.4 billion roubles ($56 million) on Thursday, 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.