Yandex Group Announces Q2 Financial Results

Russian giant Yandex has announced its quarter two results for 2022 ending 30 June, reporting strong performance for its search and portal division.

Highlights include:

• Search and portal revenues up 31% YoY (51.2m RUB)
• Adjusted EBITDA down 27% YoY for the six months ending June 30
• Total Group revenue up 45%
• Arkady Volozh, co-founder, stepped down from his positions as Executive Director and Chief Executive Officer of Yandex N.V. and from his board and executive positions with its international subsidiaries in June
• The company admitting that "visibility over the short- and medium-term is limited" due to "geopolitical developments"

Classifieds revenues (including Auto.ru, Yandex Realty and Yandex Rent) increased by 5% in Q2 2022 compared with Q2 2021, with Yandex stating that "positive growth was supported by improvements in our monetization strategies and value-added services, increased dealers’ retention as well as strong performance of Yandex Realty."

However, Classifieds EBITDA fell to RUB 0.5 billion in Q2 2022 (RUB 0.7 billion in Q2 2021)

Commenting on the Russian economy sentiment towards the nation, Yandex stated that "current geopolitical tensions and their impact on the Russian and global economy have created an exceptionally challenging environment for our business and our team."

However, the company went on to say that "our analysis of the effect from the current geopolitical crisis on goodwill and non-current assets shows no material impact."

Addressing sanctions being placed on Russian companies, Yandex clarified that "Neither Yandex N.V. nor any of its subsidiaries is a target of sanctions in the United States, European Union, Switzerland or United Kingdom, and the Yandex group is not owned or controlled by any persons who have been designed under such sanctions."