Yandex, the leading search provider in Russia, saw its Q1 starting to feel crisis effects. Q1 revenues of RUB 47.0 billion ($604.7 million) were up 26% compared with Q1 2019 as net income of RUB 5.5 billion ($70.7 million), rose 76% compared with Q1 2019; the net income margin of 11.7%
“The year started off well, but by mid-March our markets began to be impacted by the coronavirus outbreak,” said Arkady Volozh, Chief Executive Officer of Yandex. “I am very proud of how fast we mobilized our resources to support our users, our partners and our communities who use our services during this difficult time. We have become the leading destination for our users where they can receive accurate and reliable information, consume educational content, view streaming videos, and order food delivery.”
“We delivered 26% year-on-year revenue growth in Q1, or 30% on an Ex-TAC basis,” said Greg Abovsky, Chief Operating Officer and Chief Financial Officer of Yandex. “The second quarter is likely to be more challenging for us, and we are focusing on recalibrating our expenses, our pace of investments and allocation of capital between the businesses to ensure that Yandex is well positioned for the long-term. Our strong balance sheet should help us to withstand the short-term challenges, while providing flexibility to invest in strategic projects.”
Yandex has launched Yandex School, a platform combining all key educational projects of Yandex, offering a full-scale online school for grades 5-11 covering 15 subjects with video broadcasting and class chats.
