Russia's Yandex reports net loss of $130.5 million
FILE PHOTO: The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. REUTERS/Evgenia Novozhenina/File Photo
MOSCOW :Russian internet giant Yandex swung to a first-quarter net loss of 10.8 billion roubles ($130.5 million), against a net profit of 20.1 billion roubles a year earlier, partly due to high expenses relating to its staff stock compensation programme.
A Russian consortium of buyers in July finalised a $5.4 billion cash-and-stock deal to acquire Yandex's Russia-based assets.
Yandex has spent 16.5 billion roubles on its stock-based compensation programme in the first quarter, the report shows.
Adjusted earnings before interest, tax, depreciation and amortisation, were up by 30 per cent to 48.9 billion roubles, while adjusted net profit reached 12.8 billion roubles, it said. Adjusted net income refers to the net loss before SBC (Stock Based Compensation) expenses, one-off restructuring costs, and foreign exchange losses, Yandex added.
Revenue increased by 34 per cent year on year to 306.5 billion roubles ($3.71 billion), driven by growth in e-commerce and its search and portal business, Yandex said.
The company maintained its forecast for the group's total revenue growth in 2025, which is expected to be more than 30 per cent year–on- year, and adjusted EBITDA of at least 250 billion rubles, it added.
($1 = 82.7500 roubles)
