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Yandex Reports Strong Second Quarter Results

July 28, 2021, 16:09 (UTC+3)|

Russian tech giant Yandex announced strong second quarter financial results and upgraded forecast of its 2021 revenue. Based on recent performance, the company expects its total group revenues to be $4.49-$4.63 billion (330-340 billion rubles) for 2021, up from $4.13-$4.46 billion (315-330 billion rubles) previously, Yandex said.

Second-quarter revenue soared 70% year-on-year to $1.1 billion (81.4 billion rubles). Non-ad revenue accounted for 51% of revenues. The biggest growth showed in the company’s taxi segment (including Yandex Go and Uber Russia, foodtech Yandex.Eats and logistics), 114% to $380 million (2.8 billion rubles). Total number of rides increased 104%.

Yandex.Market marketplace gross merchandise volumes (GMV) rose 144%, while the share of GMV sold by third-party sellers reached 70%. Media services segment, which includes subscription services Yandex Plus, Yandex.Music, KinoPoisk, Yandex.Afisha and production center Yandex.Studio, rose 141% to $556 million (4.8 billion rubles). The Classifieds segment (including, Yandex.Realty, Yandex.Jobs, and Yandex Classifieds) jumped 125% year-to-year to $258 million (1.9 billion rubles).

The company's share in the Russian search market in the first quarter of 2021 averaged 59.7% vs 59.6% a year earlier.

Earlier this week, Yandex announced its plans to launch its food delivery service in the UK under the brand Yango Deli.

Original (in Russian)



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