Source: Video Screenshot
Russian tech group Yandex said Thursday revenue continued to climb during the third quarter despite the country being under Western sanctions over its its invasion of Ukraine.
The company’s revenues rose 46 percent compared to the July-September period last year to 113.2 billion rubles ($2.1 billion at the current rate).
Yandex — often dubbed “Russia’s Google” — employs around 20,000 people and is Russia’s main taxi and food delivery service, in addition to running e-commerce sites and the country’s top search engine.
The group said its “e-commerce, mobility and delivery service” rose 49 percent in this trimester, taking advantage of its competitors leaving the Russian market over the Ukraine offensive.
It did however acknowledge difficult working conditions.
“Current geopolitical tensions and their impact on the Russian and global economy have created an exceptionally challenging environment for our business, team and shareholders,” its statement said.
It said that the future remains “uncertain.”
It also noted a “negative dynamic” in the second half of September, marked by President Vladimir Putin’s mobilisation of 300,000 reservists to prop up Moscow’s forces fighting in Ukraine.
The company has so far been unscathed, posting strong growth in the second quarter despite the Russian economy contracting by 21.8 percent at an annualised quarterly rate due to Western sanction, according to the IMF.
Soaring global energy prices have helped cushioned the Russian economy, but the mobilisation and emigration of large numbers of men could have a disruptive impact on output and demand.
This summer Yandex said it was selling its search engine — the largest in the Russian-language internet — to the government-controlled VK group which owns the country’s largest social network VKontakte.
Yandex co-founder and CEO Arkady Volozh resigned from the group’s board in June after being targeted by EU sanctions.
Yandex is registered in the Netherlands and has European, UK and US subsidiaries, but the bulk of its business is in Russia and Russian-speaking countries.