January 19, 2018 / 11:44 AM / a year ago

Kaspersky Lab 2017 revenue up 8 percent, North America sales fall

FILE PHOTO: The logo of Russia's Kaspersky Lab is on displayat the company's office in Moscow, Russia October 27, 2017. REUTERS/Maxim Shemetov

MOSCOW (Reuters) - Moscow-based cyber security company Kaspersky Lab said on Friday its revenue increased 8 percent year-on-year in 2017, though sales fell in North America because of allegations about its ties to the Russian government.

The United States banned civilian government agencies from using Kaspersky products in September amid mounting concern among U.S. officials that the software could be exploited by Russian spy agencies. [nL1N1OI1D8]

Kaspersky has repeatedly denied that it has ties to any government, saying it would not help Russia or other countries with cyber espionage.

Revenue totaled $698 million in 2017, up from $644 million in the previous year but slightly below a target of more than $700 million set by founder and CEO Eugene Kaspersky in an interview with Reuters in October. [nL2N1N21OA]

Sales in North America fell 8 percent year-on-year due to “geopolitical challenges and unsubstantiated allegations,” Kaspersky Lab said in a statement.

European sales also declined slightly, down 2 percent from 2016, but this was offset by strong results in Latin America, as well as Russia and the CIS, Kaspersky said.

“Despite the difficult geopolitical situation, unsubstantiated accusations, and attempts to undermine our business, the company maintains positive dynamics,” Eugene Kaspersky said.

Reporting by Jack Stubbs; Editing by Mark Potter

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