Yandex Classifieds: Full Year Revenues Increase 37% in 2024

The Russian internet giant Yandex released its Q4 and full-year financial results for 2024 last week.

Highlights include:

• Group revenue growth was 37% YoY in Q4 2024
• Group revenue growth was also 37% for the full year.
• Group revenues were RUB 1,094.6 billion (USD 12.6 million) in 2024.
• Group revenues were RUB 340 million (USD 3.9 million) in Q4 2024.
• Adjusted EBITDA in 2024 amounted to RUB 188.6 billion (USD 2.17 billion), or 17.2% of revenue, up 2.1% from 2023.
• Group net profits for 2024 fell 79% YoY to RUB 11.5 billion (USD 132.5 million), from RUB 55.6 billion (USD 640.8 million).
• Q4 Advertising revenues including Yandex Real Estate reached RUB 9 billion (USD 103 million), up 28% YoY.
• FY 2024 Advertising revenues including Yandex Real Estate were RUB 34.1 billion (USD 393 million), up 41% YoY.

Founded in 1997, Yandex is essentially "The Russian Google", accounting for 66% of all internet searches nationwide. The company also owns and operates the Auto.ru, Yandex Real Estate, Yandex Rent and Yandex Travel horizontals.

Yandex Real Estate and Auto.ru were main drivers of growth for the year, said the company, while Yandex Rent now provides access to over 20,000 rental units in 14 cities nationwide. Meanwhile, Yandex Real Estate achieved 7.5 million monthly active users.

Yandex's Advertising segment, which includes the Real Estate business, grew revenues 28% from Q4 2023 to Q4 2024, while full year revenues rose 41% to RUB 34.1 billion (USD 393 million). Yandex attributed the growth of its Real Estate service for new buildings as a core driver of increased revenues for the year.

However, revenue growth for the segment came at a cost—Adjusted EBITDA of the Advertising segment fell from RUB 400 million (USD 4.6 million) to RUB 200 million (USD 2.3 million) for the year after Yandex invested more heavily in personnel and marketing.

Yandex recently revamped its pre-sale feature to facilitate users purchasing a new-build property before it comes to market.