Russia’s Yandex posts 45% increase in total revenues in Q2

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

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MOSCOW, July 26 (Reuters) – Russian internet giant Yandex (YNDX.O) on Tuesday reported a 45% year-on-year increase in total revenues in the second quarter to 118 billion roubles ($2 billion) and rebounded from last quarter's net loss to post adjusted net income of 13.1 billion roubles.

Yandex, one of Europe's largest internet businesses and registered in the Netherlands, in late April said it was selling its news aggregator platform Yandex News and content recommendation service Yandex Zen to its Russian rival VK (VKCOq.L), but did not disclose terms.

The company has said that problems started appearing after Moscow sent troops into Ukraine on Feb. 24. Trading in Yandex's Nasdaq-listed shares were suspended in February, and it withdrew full-year guidance in April.

"Current geopolitical tensions and their impact on the Russian and global economy have created an exceptionally challenging environment for our business and our team," Yandex said on Tuesday.

Adjusted earnings before interest, tax, depreciation and amortisation were up 345% in year-on-year terms in the second quarter to 25.7 billion roubles, Yandex said.

($1 = 58.4500 roubles)

Reporting by Reuters

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Source:www.reuters.com