Russia’s Yandex says Q2 adj. net income up 34% y/y, upgrades revenue outlook

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FILE PHOTO: The logo of Russian internet group Yandex is pictured at the company's headquarter in Moscow
FILE PHOTO: The logo of Russian internet group Yandex is pictured at the company’s headquarter in Moscow, Russia October 4, 2018. REUTERS/Shamil Zhumatov/File Photo

July 28, 2021

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 surging demand for online services during the pandemic, said gross merchandise volumes for its e-commerce businesses jumped 155% to 35.1 billion roubles year on year.

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.

(Reporting by Alexander Marrow and Gleb Stolyarov; Editing by Katya Golubkova)