Russia's Yandex reports Q3 revenue rises by 36%

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October 29, 2024 2:12 AM EDT

The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. REUTERS/Evgenia Novozhenina/ File Photo

MOSCOW (Reuters) - Russian internet giant Yandex reported a 36% rise in first-quarter revenue to 276.8 billion roubles ($2.85 billion), driven by growth in e-commerce and its search and portal business.

Adjusted net profit for the quarter jumped by 118% to 25.1 billion roubles, while adjusted earnings before interest, tax, depreciation and amortisation, reached 54.7 billion roubles.

A Russian consortium of buyers in July finalised a $5.4 billion cash and shares deal to acquire Yandex's Russia-based assets, which had been held through Nasdaq-listed Dutch parent Yandex NV, the largest corporate exit since Russia's invasion of Ukraine in February 2022, albeit at a hefty discount.

($1 = 97.1500 roubles)

(Reporting by Gleb Stolyarov; Writing by Anastasia Teterevleva; editing by Guy Faulconbridge)


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