Yandex Q3 2024: Revenue Increases by 36% to $2.8 Billion

Yandex, the Russian internet giant, has released its unaudited financial statement for the third quarter of the 2024 financial year.

Highlights include:

• Revenue increased by 36% year-on-year in the third quarter and amounted to 276.8 billion rubles ($2.8 billion)
• Adjusted EBITDA amounted to 54.7 billion rubles or 19.8% of revenue, an increase of 3.7% compared to Q3 2023

Yandex has yet to release its full investor relations presentation so Online Marketplaces can't report on the breakdown of revenues, namely the Classifieds segment of the business (including Yandex Realty), which has steadily increased revenues YoY from 2020 onwards.

Yandex has undergone significant change since 2022 when it was forced to divest from its Russian assets after the Ukraine invasion—of which Yandex's search engine (essentially Google for Russia) and the Classifieds segment were involved.

However, this quarter's results appear to combine all of Yandex's assets (including the aforementioned divestments), with fairly strong growth across the board.

Search and Portal revenues rose 29% YoY to 114 billion rubles ($1.1 bn) at an adjusted EBITDA of 58.4 billion rubles ($602.5 million).