Yandex released financial results for the third quarter and upgraded the forecast of its 2021 revenue. Based on recent performance, the company expects its total group revenues to be $4.63-$4.95 billion (340-350 billion rubles) for 2021, up from $4.49-$4.63 billion (330-340 billion rubles) previously, Yandex said.
According to the results of the third quarter, the company's revenue increased by 52% compared to the same period last year to $1.29 billion (91.3 billion rubles). Adjusted net income fell 82% to $18.9 million (1.34 billion rubles). The company previously announced that it will invest $650 million in e-commerce by the end of the year.
The revenue of the Taxi segment (includes Yandex Go and Uber, logistics and other b2b services, Yandex.Eats, Yandex.Lavka) increased 83% to $481 million (34 billion rubles). The share of food tech services Yandex.Food and Yandex.Lavka in the company's revenue is 10.8%.
The revenue of Search and Portal segment increased 33% to $604 million (42.7 billion rubles), while the revenue of Media services rose 143% to $60.8 million (4.3 billion rubles).
The total volume of goods turnover (GMV) of Yandex.Market soared 212% to $447 million (31.6 billion rubles).