Russian search engine giant Yandex announced a notable 53% increase in full-year revenue, reaching $8.72 billion, propelled by robust organic growth spanning search, advertising, e-commerce, and ride-hailing, according to the company’s statement released on Thursday.
Adjusted net income experienced a remarkable surge of 155%, totaling 27.4 billion rubles. However, a 6.3-billion-ruble impairment of intangible assets and investments in business expansion resulted in a net loss of 6.3 billion rubles in the fourth quarter, as highlighted in the statement.
Yandex reported revenue growth across all its business segments, and its workforce expanded by 26%, reaching 26,361 employees in 2023. The surge in employee numbers was primarily driven by accelerated hiring in Yandex’s search, cloud, and entertainment divisions.
Last week, Yandex’s parent company, Yandex NV, finalized an agreement to spin off certain assets in a cash and shares deal valued at $5.2 billion. The company confirmed unanimous approval from the board for this deal, indicating strategic decisions to streamline and enhance its business portfolio.
