Yandex increased its revenue by 37% in the second quarter and announced plans to pay the first dividends

By the end of 2024, Yandex expects revenue growth to be in the range of 38%-40% compared to 2023. Adjusted EBITDA for the year is expected to be in the range of 170-175 billion rubles.

Yandex has also decided to consider the issue of paying the first dividends in the amount of 80 rubles per ordinary share. If the board of directors and the shareholders’ meeting approve the procedure, the dividends will be paid no later than the end of October 2024.

“The company believes that it will be able to pay dividends on a half-yearly basis in the future, provided that the board of directors makes appropriate recommendations and the decision to declare dividends is taken by the general meeting of shareholders,” the materials state.

• Yandex is now the parent company of MKPAO Yandex. The Dutch company Yandex NV closed the deal to sell the Yandex business on July 15. The main owner of Yandex was the closed-end mutual fund Consortium.First, the purchase of which cost 475 billion rubles. Under the terms of the deal, Yandex NV changed its name to Nebius Group and stopped using the Yandex brands. MKPAO Yandex shares began trading on the Moscow Stock Exchange on July 24 under the symbol YDEX.

The company’s cash and cash equivalents balance as of June 30 amounted to RUB 102.9 billion.

The company’s total number of employees is 84,936, 26% more than the previous year. The core workforce is 26,701, 16% more than the previous year. The growth is explained by an increase in the pace of recruitment in the “Search Portal”, “Cloud Services”, as well as in the “Plus” and entertainment services.

• Segment revenue “Search and Portal” (which includes “Search”, “Geoservices”, “Navigator” and a number of other services) grew by 32% year-on-year in the second quarter, up to RUB 104.4 billion. The growth is explained by an increase in the search share (64.9%, 1.3 percentage points higher than in the second quarter of 2023), the expansion of advertising inventory and increased efficiency of advertising formats.
• Segment revenue “E-commerce, RideTech and delivery” (including O2O transactional services: taxi ordering, car sharing, scooter rental, marketplace, Lavka, food, delivery, etc.) amounted to 134.5 billion rubles, an increase of 42% year-on-year.
• Segment revenue “Plus and entertainment services” (“Yandex Plus, Yandex Music, Kinopoisk, Bookmate, Yandex Afisha and Plus Studio grew by 43% to 22.1 billion rubles. This is due to the growth in revenue from sales of Yandex Plus subscriptions.
• Revenue “Advertising Services” (“Auto.ru”, “Yandex Real Estate”, “Yandex Rental” and “Yandex Travel”) increased by 51% to 8.4 billion rubles due to “Yandex Travel” (a change in the service’s position in the market), as well as the connection with the growth of Avto.ru indicators.
• Other business units and initiatives
  (Yandex SDG, Yandex Cloud and Yandex 360, Yandex Education, Devices and Alice, Fintech, etc.) brought 21.9 billion rubles to Yandex, which is 57% more than in the second quarter of 2023.