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

by Mike Robinson

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© Reuters. FILEPHOTO: Russian internet-group Yandex’s logo was taken at their Moscow office on October 4, 2018. REUTERS/Shamil Zahumatov/File photo

MOSCOW, (Reuters) – Russian internet giant Yandex (NASDAQ:) Tuesday’s report showed a 55% drop in the adjusted net income for 2021, but it stated that total group revenues will continue to rise this year and reach 490-500 Billion roubles ($6.50-$6.63 trillion).

Yandex reported an adjusted net income of 8 billion rubles last year. This was 55% lower than a comparable basis, and includes Yandex.Market’s e-commerce venture. According to the company, investments in high growth segments such as media and ecommerce had an impact on its annual profits.

Yandex stated that the total ecommerce gross merchandise volume should increase by two-thirds between 2022 and 2022. Meanwhile, GMV for Yandex’s ride-hailing business and its car-sharing company should rise to 700-720 billion rubles in 2022.

In the fourth quarter, total revenue increased 54% over the previous year, rising to 356.2 million roubles. This is higher than the company’s expectations of between 340 and 350 billion roubles.

($1 = 75.4250 roubles)

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