Nebius Group Announces Second Quarter 2024 Financial Results

Yandex N.V., set to be renamed Nebius Group, reported its unaudited financial results for the second quarter ending June 30, 2024. The Nasdaq-listed tech company focuses on building one of the largest AI infrastructure businesses globally.

Nebius AI, the core business, saw cloud revenue growth of nearly 60% quarter-on-quarter, with an annual recurring revenue exceeding USD 80 million by July 2024. The introduction of self-service GPU resource access contributed to this growth.

Toloka AI achieved a five-fold increase in revenue quarter-on-quarter due to expanded data production for Generative AI projects, making up around 80% of its Q2 2024 revenue. Meanwhile, TripleTen, recognized by Fortune magazine, saw a threefold year-on-year increase in student enrollments, expanding its offerings to include a cybersecurity study track.

Avride maintained its focus on new autonomous driving technologies, starting on-road tests and negotiating partnerships to scale operations. The group's consolidated revenues soared 430% year-on-year to USD 24.9 million for Q2 2024. Despite this, the net loss from continuing operations was USD 39.3 million, a decrease from the previous year's loss.