Yandex N.V. Reports Major Sale and Strong Financial Growth in First Quarter 2024

Yandex N.V., the Dutch public company, disclosed its unaudited first quarter financial results for 2024, highlighting significant gains and structural shifts. The report from April 26, 2024, indicates a 40% increase in total revenue, reaching 229,359 million RUB, up from 163,275 million RUB in the same period last year.

Following the divestment from its primary operations in Russia, Yandex classified these assets as discontinued operations. However, they still contributed 228,314 million RUB, with a robust 40% growth year-over-year. Concurrently, continuing operations, though smaller, more than doubled their revenue to 1,045 million RUB.

The operational efficiency depicted by a 5.8-percentage-point increase in total Adjusted EBITDA margin to 13.6% underscores improved profitability. Moreover, the quarter saw net income more than double to 12,116 million RUB, up from 5,785 million RUB of the previous year. This growth is particularly reflected in the discontinued operations where net income surged by 50% to 19,376 million RUB.

Following a pivotal sale, Yandex will retain a suite of international businesses, including AI and tech ventures like Nebius AI and Toloka AI. The forward outlook seems geared towards harnessing these advanced sectors to reposition Yandex on the tech and digital frontier post-sale.