Yandex net profit fell 33% in the third quarter

The indicator was affected by depreciation, exchange rate differences and debt obligation payments.

At the same time, the company’s revenue increased by 54%, reaching 205 billion rubles. Of this amount, the search engine collected more than 90 billion.

• He brought a significant part of the funds. “Search and Portal”. The segment’s revenue in the third quarter increased by 48% to 90.4 billion rubles. Yandex’s total search share increased by 0.6 percentage points to 62.6%. Mobile devices accounted for 70.8% of search queries.
• Segment revenue Mobility (this includes taxi services, car-sharing rentals and scooter rentals) grew by 46% year-on-year. The result was “lower than GMV’s growth due to increased subsidies for drivers,” the report states.
• The segment showed significant growth “Plus and entertainment services”which includes the services “Kinopoisk”, “Yandex.Music” and “Bookmate”, and the group “Devices and Alice” (by 123% and 94% respectively). Plus subscribers in the third quarter increased by 63% in annual terms: 25.8 million people. The number of Yandex.Stations sold since its launch in 2018 has reached 8 million.

The company also notes that it is “making every effort to complete the corporate restructuring process.” Yandex will submit a proposal on this issue for consideration of shareholders at the end of 2023. The company received one of the permits for the restructuring of Russian companies from the government commission for foreign investment.

To date, shareholders have already approved the merger of several subsidiaries with the parent company Yandex NV, registered in the Netherlands. RB.RU previously reported that several Russian Yandex LLCs came completely under the control of the Dutch joint-stock company Yandex NV