Yandex Sees Classifieds Revenue Grow 97% in 2023 As it Prepares for Sale of Russian Assets

The search giant and online marketplace operator Yandex has released a report on its activities for Q4 of the 2023 financial year. Relevant highlights of the company's performance for the period included:

• Total group revenues were up 53% for the year at RUBm 800,125 ($8.7 billion).
• Total net profit for the group was down 54% at RUBm 21,775 ($236 million).
• Classifieds segment revenue was up 97% at RUBm 24,174 ($262 million).

Apart from owning the most popular search engine in Russia, Yandex also operates an online classifieds division that includes real estate portals Yandex Realty and Yandex Rent as well as autos portal Auto.ru and the recently added Yandex Travel.

In the real estate vertical Yandex competes with the likes of vertical players Cian and Domofond as well as horizontal player Avito.

This could be the last public update the industry sees for Yandex's classifieds business. Following an announcement earlier this month, the company's Russia-based assets are to be sold to a consortium of local interests for RUB 475 billion ($5.2 billion) with the Dutch-headquartered parent keeping gold of only a few international assets.