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Odnoklassniki.ru, a popular Russian social network, is reporting it grossed $3.3 million in advertising revenue in the first quarter of 2008, and it is expected to surge to $30 million by the end of the year.
Yakov of Quintura is saying that Odnoklassniki, which translates to "Classmates", sports 15 million users with a daily engagement of 5 million, with an additional 100,000 members joining each day. Their impressive first quarter earnings came in the form of $3 million for banner ads with the remaining $300,000 coming from contextual advertising. By the end of 2008, the network is expecting to account for 10% of all banner advertising in Russia.