Russian tech giant Yandex revealed a 40% surge in first-quarter revenue, reaching 228.3 billion roubles ($2.47 billion), buoyed by advancements in e-commerce and ride-hailing. The market eagerly awaits updates on an anticipated corporate spin-off.
Yandex NV, the parent company listed on Nasdaq and registered in the Netherlands, finalized a $5.2-billion deal in February, selling its Russian assets at a discounted price due to Kremlin directives. The initial phase of the deal’s completion is imminent, according to sources familiar with the situation.
Yandex attributed the revenue growth to its search engine, portal services, and entertainment offerings. The quarter’s net profit amounted to 21.6 billion roubles, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reaching 37.6 billion roubles.
Having seized market share in Russia’s online search and advertising sector after Google ceased selling online ads in March 2022, Yandex faced challenges following Russia’s invasion of Ukraine. To depoliticize its operations, Yandex divested its news feed and homepage to state-controlled competitor VK.
