Russia's Yandex reports record annual revenues for 2024
Russian internet firm Yandex reported annual revenues above 1 trillion roubles ($11.22 billion) for the first time on Thursday, in a year when the business underwent a significant restructuring.
Yandex revenue growth 2024 reached 1.1 trillion roubles, marking a 37% year-on-year increase. The company, under new ownership, plans dividends and expects Yandex 2024 restructuring and revenue results to continue positive growth with Yandex acquisition by Russian consortium 2024.
A Russian consortium of buyers in July finalised a $5.4 billion cash-and-stock deal to acquire Yandex's Russia-based assets, which had been held through Yandex's Nasdaq-listed Dutch parent, the largest corporate exit since Russia's invasion of Ukraine in February 2022, albeit at a hefty discount.
Revenue grew 37 per cent year on year to 1.1 trillion roubles in 2024, Yandex said. In 2025, the company said it expects revenue growth
Russia is Yandex's major market, where it dominates search and advertising. It has offices in several former Soviet countries and operates its ride-hailing service in a handful of African and European countries, but the business split has largely shut off its access to the U.S. market.
Since its foundation in the late 1990s dotcom boom, Yandex has prioritised growth, reinvesting profits in the company's varied tech services, from e-commerce to cloud, but in July, under new ownership, it proposed paying dividends for the first time.
The company's management recommended dividends at 80 roubles per share on Thursday. Yandex said the business' growth in scale would see capital expenditures as a percentage of revenues decrease year-on-year in 2025.
Source: www.channelnewsasia.com
