• Home
  • Science
  • Technology
  • Futurism
  • Weather Extreme

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

New AI tools make it easy to create fake video, audio and text : NPR

March 23, 2023

Chatbot Start-Up Character.AI Valued at $1 Billion in New Funding Round

March 23, 2023

ROCKET LAUNCH SpaceX Falcon 9 Starlink 5-5

March 23, 2023
Facebook Twitter Instagram
  • Demos
  • Buy Now
Facebook Twitter Instagram YouTube
Futurist JournalFuturist Journal
Demo
  • Home
  • Science
  • Technology
  • Futurism
  • Weather Extreme
Futurist JournalFuturist Journal
Home » Russia’s internet giant Yandex upgrades outlook after strong Q2
All Technology

Russia’s internet giant Yandex upgrades outlook after strong Q2

NewsBy NewsJuly 28, 2021Updated:July 28, 2021No Comments2 Mins Read0 Views
Facebook Twitter Pinterest LinkedIn Telegram Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

MOSCOW (Reuters) -Russian internet giant Yandex on Wednesday reported a 34% rise in second-quarter adjusted net income compared with a year ago and raised its 2021 group revenue forecast to between 330 and 340 billion roubles ($4.49-$4.63 billion).

Yandex, which is spending $400-500 million on an e-commerce drive this year to tap into the pandemic-driven surge for online services, said gross merchandise volumes (GMV) for its e-commerce businesses jumped 155% to 35.1 billion roubles year on year.

Yandex services range from advertising to ride-hailing and foodtech. Strong growth in newer business areas, such as e-commerce and food delivery, pushed advertising’s share of group revenues below 50% for a second successive quarter.

Adjusted net income stood at 1 billion roubles, while second-quarter revenue was at 81.4 billion roubles, up 70% year-on-year. Yandex had previously expected 2021 revenue to reach 315-330 billion roubles.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were down 13% in the second quarter compared with a year earlier, when pandemic restrictions reduced company earnings and business activity. Yandex said the decline was mainly driven by e-commerce investments.

It said it expected group e-commerce GMV, which encompasses its marketplace Yandex.Market, e-grocery business Yandex.Lavka and a portion of its food delivery service Yandex.Eats, to grow by up to three times in 2021 year-on-year.

Its online advertising business swiftly recovered from a dip during the early stages of COVID-19, with revenue in the second quarter growing 48% to 33.4 billion roubles.

“From a lower base of Q2 2020 as a result of the pandemic, we have seen improved financial performance in our key businesses, including online advertising and ride-hailing,” Yandex said in a statement. “We expect the trends to normalize in the following quarters as the low base effect fades.”

Yandex’s Moscow-listed shares were up 1.1% at 1043 GMT, outperforming the wider market.

($1 = 73.5040 roubles)

(Reporting by Alexander Marrow, Anna Rzhevkina and Gleb Stolyarov; Editing by Katya Golubkova and Barbara Lewis)

Source

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
News
  • Website

Related Posts

Chatbot Start-Up Character.AI Valued at $1 Billion in New Funding Round

March 23, 2023

Omni One is a complete VR entertainment system with treadmill and shipping now

March 23, 2023

Five days on, Amritpal still at large

March 23, 2023

Future Apple Watch bands might warn you if they aren't blessed by Apple

March 22, 2023

$1000 iPhone 14 Pro with no charger, $800 iPhone 14 with a 60Hz display: 5 reasons Apple is worth hating

March 22, 2023

Unreal Engine tech demo show’s Hellblade 2’s Senua in real-time action

March 22, 2023

Leave A Reply Cancel Reply

You must be logged in to post a comment.

Recent Posts
  • New AI tools make it easy to create fake video, audio and text : NPR
  • Chatbot Start-Up Character.AI Valued at $1 Billion in New Funding Round
  • ROCKET LAUNCH SpaceX Falcon 9 Starlink 5-5
  • Climate Freeloaders Are Destroying the Planet
  • How Chromium unlocked tech’s hottest new category: the enterprise browser
Recent Comments
    Demo
    Top Posts

    At Mavericks beach, climate change is reshaping big-wave surfing

    March 22, 20231 Views

    Sims sparks Ga. Tech to 45-22 upset of No. 21 North Carolina

    September 26, 20211 Views

    New AI tools make it easy to create fake video, audio and text : NPR

    March 23, 20230 Views
    Don't Miss

    New AI tools make it easy to create fake video, audio and text : NPR

    March 23, 2023

    Business professor at the University of Pennsylvania’s Wharton School Ethan Mollick used a photo of…

    Chatbot Start-Up Character.AI Valued at $1 Billion in New Funding Round

    March 23, 2023

    ROCKET LAUNCH SpaceX Falcon 9 Starlink 5-5

    March 23, 2023

    Climate Freeloaders Are Destroying the Planet

    March 23, 2023
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Demo
    Most Popular

    At Mavericks beach, climate change is reshaping big-wave surfing

    March 22, 20231 Views

    Sims sparks Ga. Tech to 45-22 upset of No. 21 North Carolina

    September 26, 20211 Views

    New AI tools make it easy to create fake video, audio and text : NPR

    March 23, 20230 Views
    Our Picks

    New AI tools make it easy to create fake video, audio and text : NPR

    March 23, 2023

    Chatbot Start-Up Character.AI Valued at $1 Billion in New Funding Round

    March 23, 2023

    ROCKET LAUNCH SpaceX Falcon 9 Starlink 5-5

    March 23, 2023

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    Futurist Journal
    Facebook Twitter Instagram Pinterest YouTube Dribbble
    • Contact Us
    • Privacy Policy
    © 2023 futuristjournal.com - All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.