The number of IT companies in Russia has grown, but their profits have decreased

The Russian IT sector dropped from 9th to 17th place in the business profitability rating. There are more companies operating in the IT field, but they are earning less, the study showed.

The number of IT companies in Russia has grown, but their profits have decreased

If in January and February 2022, 470 IT companies were registered in Russia, then in the period from March to August, 838 such enterprises were added per month, says from the Spark-Interfax study. Thus, the growth rate in the number of IT companies amounted to 78%, which is several times higher than in the whole business – 14%.

However, if in 2020, on the wave of universal digitalization, the profit of IT companies grew by an average of 59%, then in 2021 it fell by 9%. At the same time, the revenue of IT companies increased by 23% against 14% in 2021.

According to the study, the IT sector in the profitability rating of business types fell from 9th to 17th line, in the profitability rating of assets, the IT business fell to 34th position with an indicator of 7.4%.

Cover photo: CaptaiN JoE ProductionS / Shutterstock

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Source: RB.RU by rb.ru.

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