Russian internet giant Yandex on Tuesday reported a sharp drop in adjusted annual net profit, but said total revenue could surge this year to around $6.5 billion, driven in part by high turnover growth in e-commerce.
Yandex’s core advertising business, which accounted for 47% of total revenue in the fourth quarter of 2021, suffered during the early stages of the COVID-19 pandemic, but surging interest in online transactions allowed its other businesses to flourish.
Revenue, which the company expects to reach 490 billion-500 billion roubles ($6.50 billion-$6.63 billion) in 2022, jumped 54% last year to 356.2 billion roubles compared to 2020, above company guidance of 340 billion-350 billion roubles.
Yandex eyes $6.5 billion revenue in 2022, sharp e-commerce growthRead More
