World.Alpha-News.org ➤ The news of the world is here
Yandex Reports Record Annual Revenues in 2024

On February 20, Russian internet company Yandex announced annual revenues surpassing 1 trillion Russian roubles ($11.22 billion) for the first time, following a significant restructuring. In July, a Russian consortium completed a $5.4 billion deal to acquire Yandex's Russian assets. This marked the largest corporate exit since Russia's invasion of Ukraine in February 2022, though at a discounted price.

Yandex reported a 37% revenue increase, reaching 1.1 trillion roubles in 2024, and anticipates at least a 30% growth in 2025. The company highlighted its leading positions in large and growing markets, indicating optimism for future growth prospects.

Yandex primarily operates in Russia, excelling in search and advertising. It extends services to former Soviet countries and a few African and European nations but has limited access to the U.S. market post-restructuring.

Established during the late 1990s dot-com boom, Yandex historically focused on growth by reinvesting profits in various tech services. However, under new ownership in July, they pivoted towards profitability.

The company recommended a dividend of 80 roubles per share for 2024, reflecting a 94% increase in adjusted net profit to 100.9 billion roubles year-on-year. Yandex foresees reduced capital expenditure as a proportion of revenue in 2025 due to scaling.

Nebius Group, the rebranded former Dutch parent company of Yandex, retains internationally oriented businesses in cloud services, autonomous driving, and education technology. It aims to play a significant role in developing artificial intelligence infrastructure, led by Yandex co-founder and ex-CEO Arkady Volozh.