Yandex, the parent company of Auto.ru, Yandex.Realty and Yandex.Jobs, has released its first-quarter unaudited financial results for the period ended March 31, 2021. The Russian horizontal saw its total adjusted EBITDA increase 5% while the adjusted EBITDA for its search and portal businesses increased by 11%.
Yandex.Market, which includes Yandex’s price comparison service, marketplace, and other smaller businesses, saw a 126% increase in active buyers year-over-year, reaching 7.7 million at the end of Q1 2021. This is huge considering the fears many markets had at the beginning of the pandemic a year ago. This is reflected in the increased change of yearly revenue compared to the year prior.
Yandex.Market’s total revenues grew 21% year-over-year for the first quarter ended March 31, 2021. This is mainly due to its marketplace GMV mixed with other marketplace changes.
Moreover, classifieds revenue increased by 20% in this same period compared to the year prior, which was 13% in Q4 2020. The company has since recorded revenue recovery from its other businesses.
Russia’s economy has since bounced back with the softening of Covid-related restrictions. Yandex has seen improvements across all revenue streams up to the end of March and the predicted trajectory is a positive one.
The strongest acceleration of demand during the last year, while the country was in the throws of the pandemic, is represented in the Yandex.Market marketplace. The company equates this to changes in consumer behavior pertaining to the pandemic and as such, predictions for the coming months and year are expected to be less accurate than usual. Still, the numbers are showing that as of right now, the company is in good standing within the Russian market.