Yandex Posts Q2 Profit of $368M, Reversing Earlier Losses
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Yandex Posts Q2 Profit of $368M, Reversing Earlier Losses
Russian tech giant Yandex reported a 34% year-on-year rise in second-quarter adjusted net profit. The company rebounded from a net loss in the first quarter. It also said its board of directors would consider management’s proposal to pay interim dividends. Once dubbed “Russia’S Google,” the company has grown into the country’’s top tech firm.
Yandex said adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 39% year-on-year to 66 billion rubles ($800 million) in the second quarter.
Looking ahead in 2025, the MOEX-listed company said it expects to maintain annual revenue growth of over 30% and adjusted EBITDA exceeding 250 billion rubles ($3.05 billion).
It also said its board of directors would consider management’s proposal to pay interim dividends of 80 rubles ($0.97) per share for the first half of the year. That comes after the company made its first dividend payments since 2010 last year.
Yandex posted a record 1 trillion rubles in annual revenue in 2024, a milestone reached following a major corporate restructuring. Last year, Yandex’s Dutch parent sold its Russia-based assets to a domestic consortium for $5.4 billion amid a broader Western business exodus from Russia.
Once dubbed “Russia’s Google,” Yandex has grown into the country’s top tech firm, with dominant positions in online search, advertising, ride-hailing and food delivery.