(Reuters) – Russian tech giant Yandex on Thursday reported a 54% jump in first-quarter revenue to 163.3 billion roubles ($2 billion) and a return to profitability after sliding to a net loss in the same period of last year.
Since Russia despatched troops to Ukraine in February 2022, Yandex – often dubbed “Russia’s Google” – has struggled to balance domestic pressure with the interests of its Western investors. Its Dutch-registered holding company plans to divest ownership and control of most of Yandex Group.
Yandex posted adjusted net income of 2.6 billion roubles, but did not provide a comparison due to what it said was the low base effect caused by a one-off 5.9 billion-rouble payment to employees in March 2022.
Yandex last year reported a net loss of 8.1 billion roubles in the first quarter of 2022.
($1 = 81.5500 roubles)
(Reporting by Gleb Stolyarov and Alexander Marrow; Editing by David Goodman)
