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

October 30, 2024

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's Classifieds segment, including Yandex Realty, has steadily increased revenues YoY from 2020 onwards, with revenues rising 37% YoY to RUB 9.8 billion ($100 million) for the quarter, while EBITDA more than doubled to RUB 600,000,000 ($6.1 million).

Yandex said it "continues to invest in the long-term development of the Yandex Travel and Yandex Real Estate businesses due to the positive dynamics in Avto.ru."

Yandex has undergone significant change since 2022 when it was forced to divest from its Russian assets after the Ukraine invasion—in 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).

 

 

October 30, 2024
Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

People Roundup 28Mar
People Roundup: Aviv Group, Pisos.com, Kleinanzeigen, REA India, Anjuke

There have been several high profile C-suite moves in this week's People Roundup. We'll start in Europe...   Europe: Aviv...

Read More
Product Update 2025Mar28 1
Product and Services Roundup: Zoopla, ViewIt

This week's Product Roundup starts in the UK, where it's all about Zoopla...   UK: Zoopla's MyHome product is used...

Read More
Ten Questions With Hiizzy 2
Ten Questions with Allan Wood and Lewis Buckley, Co-Founders at Hiizzy

"In the UK, a £500,000 sale at 1% is a commission of £5,000. With Hiizzy, you will not pay more...

Read More
Nar 1 3
NAR Amends Clear Cooperation Policy After Months of Speculation

The National Association of Realtors (NAR) has amended the terms of its Clear Cooperation Policy (CCP) after months of speculation...

Read More

Editor's Pick