Russian Search Giant Yandex Sees Classifieds Revenues Soar in Q3

The Russian search giant and real estate portal operator Yandex has released its results for Q3 of the 2023 financial year. Highlights of the company's activities for the three months ended September 30th include:

• Total revenue increased 54% year-on-year to RUBm 204,769 ($2.2 billion).
• Total net income was down 83% at RUBm 7,681 ($83 million).
• Classifieds revenue was up 111% at RUBm 7,125 ($77 million).

Controversially headquartered in the Netherlands, Yandex operates the eponymous search engine that has a 63% market share in Russia as well as entertainment, e-commerce, cloud computing and online classifieds businesses.

The Yandex Classifieds division includes real estate portals Yandex Realty and Yandex Rent as well as autos portal Auto.ru and the recently added Yandex Travel.

The segment's revenue grew massively in Q3 driven by the performance of Auto.ru and its relatively weak performance in the comparison period. The company noted that its Yandex Travel aggregator service was seeing strong demand. Yandex's profit from its classifieds segment remained flat as it continues to invest in the Travel and Rent businesses.

In real estate, Yandex Realty competes with the horizontal player Avito and the Cian vertical portal (which was also delisted from the U.S. stock exchange earlier in the year. It has been slowly using its market position to gain share across its classifieds assets in recent years.