Russia’s Yandex eyes $6.5 billion annual revenue in 2022 after FY profit slip

FILE PHOTO: The logo of Russian internet group Yandex is pictured at the company's headquarter in Moscow
FILE PHOTO: The logo of Russian internet group Yandex is pictured at the company’s headquarter in Moscow, Russia October 4, 2018. REUTERS/Shamil Zhumatov/File Photo

February 15, 2022

MOSCOW (Reuters) – Russian internet giant Yandex on Tuesday reported a 55% decrease in adjusted net income in 2021 but said it expects total group revenues to continue their upward trajectory this year to reach 490-500 billion roubles ($6.50-$6.63 billion).

Yandex’s adjusted net income stood at 8 billion roubles last year, down 55% on a like-for-like basis and now including its Yandex.Market e-commerce venture. The company said annual profit was impacted by investments into high-growth segments of the business, such as e-commerce and media services.

Yandex said total e-commerce gross merchandise volume (GMV) should double in 2022, while GMV in its ride-hailing and car-sharing business should reach 700-720 billion roubles in 2022.

Total revenues were up 54% year-on-year in the fourth quarter of 2021, and increased by the same amount over the full year to 356.2 billion roubles, above company guidance of 340-350 billion roubles.

($1 = 75.4250 roubles)

(Reporting by Gleb Stolyarov and Alexander Marrow; Editing by Katya Golubkova)

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