Yandex in the first quarter increased its net profit by 47% and revenue by 40%

Adjusted EBITDA increased by 107% to 37.6 billion rubles. The EBITDA margin amounted to 16.5% compared to 11.2% in the same period of the previous year.

Adjusted net profit increased 2.6 times to 21.5 billion rubles.

The company’s share of the Russian search market increased by 1.1 percentage points (pp) to 64.5%.

• Segment revenue “E-commerce, RideTech and delivery” increased by 39%, amounting to 122 billion rubles.
• Commercial turnover in e-commerce services (GMV) in the first quarter of 2024 it increased by 42% compared to the same period in the first quarter of last year, up to 199 billion rubles. Revenue increased by 31% to 65.6 billion rubles. The increase in GMV is due to the organic growth in the number of users and the frequency of orders per person, as well as the expansion of the offer and the synergy between services.
• Gross Order Value (GMV) in Ridetech Services increased by 43%, to 322 billion rubles. Ridetech’s revenue amounted to 47 billion rubles, 44% more than in the first quarter of 2023. The company explained the growth in revenue thanks to the contribution of Yandex Lavkia, as well as food and delivery services.
• Number of subscribers “Yandex Plus” In the first quarter of 2024 it reached 32.7 million, showing an increase of 48%. Revenue in the Plus and entertainment services segment increased by 54% to 20.5 billion rubles. The growth is driven by higher revenue from subscription sales. The adjusted EBITDA loss reached 500 million rubles, compared to 200 million in the first quarter of 2023. “This is due to investments in content promotion, higher personnel and marketing costs, as well as other costs associated with services of support,” the report says.
• Advertising services (the segment includes Avto.ru, Yandex Real Estate, Yandex Rental and Yandex Travel) in the first quarter achieved revenue of 6.9 billion rubles, which is 56% more than the previous year. At the same time, the adjusted EBITDA loss amounted to 400 million rubles (100 million rubles in 2023). The dynamics are explained by ongoing investments in Yandex Travel and Yandex Real Estate.
• Segment revenue “Other business units and initiatives” (Unmanned Vehicles (Yandex SDG), Yandex Cloud, Yandex 360, Yandex Education, Devices and Alice, Fintech (including Yandex Pay and Yandex ID) and other experimental products) increased by 69% to 22.8 billion rubles . The growth is mainly due to an increase in revenue in the Fintech and Yandex Cloud areas, as well as in Devices and Alice. The adjusted EBITDA loss reached 9.3 billion rubles (up from 5.7 billion rubles a year earlier). The company also explained the increase in losses due to “investments in business growth.”