Yandex - statistics & facts
Yandex, one of the largest businesses and the most expensive internet company in Russia, is to be split in 2024. In February 2024, its holding company, Dutch Yandex N.V., announced the sale of its Russian assets due to the challenges faced following the Russian invasion of Ukraine. The Russian business will be sold for 475 billion Russian rubles (or 5.2 billion U.S. dollars) to a consortium of senior managers of Yandex in Russia and other investors. The to-be-sold assets, which include search, advertising, ride-hailing, e-commerce, and entertainment services, reportedly generated 95 percent of the total revenue of Yandex from January to September 2023. International initiatives, which will remain under Yandex N.V., to be renamed YNV, are in the segments of self-driving technologies, cloud computing, data labeling, and EdTech.
Yandex employs over 25,000 people, 1,300 of whom will remain at YNV. Yandex N.V. held an initial public offering (IPO) in 2011; however, the trading was halted by Nasdaq in February 2022 in response to the Russia-Ukraine war, and in March 2023, Yandex received a notice of delisting. Moreover, Yandex is listed on the Moscow Stock Exchange.
Under the deal announced in February 2024, the Russian assets are to be sold with a 50-percent discount due to Russian regulations applying to the companies registered in the countries that imposed sanctions on it, such as the Netherlands. Furthermore, due to the financial sanctions on Russia over the war in Ukraine, the Dutch company would not be able to receive its consideration in Russian rubles; instead, the cash part of the transaction would be paid in Chinese yuan.
Yandex employs over 25,000 people, 1,300 of whom will remain at YNV. Yandex N.V. held an initial public offering (IPO) in 2011; however, the trading was halted by Nasdaq in February 2022 in response to the Russia-Ukraine war, and in March 2023, Yandex received a notice of delisting. Moreover, Yandex is listed on the Moscow Stock Exchange.
Main services of Yandex
The core product of Yandex is the search engine with the same name, which is often called the Google of Russia. It is the most popular search engine in the country, accounting for over 63 percent of the total traffic. In addition, the company offers digital services and technologies in various industries, such as information (browser and maps), entertainment (Kinopoisk and Yandex.Music), productivity (Yandex.Disk and Yandex.Cloud), e-commerce (Yandex.Market and Delivery Club), fintech, mobility (Yandex.Drive and Yandex.Taxi), IoT devices (smart speakers and the voice assistant Alisa), autonomous vehicles, and education (Yandex.Practicum). In terms of revenue, e-commerce, mobility, and delivery represent the largest segment.Yandex's corporate changes and split
In June 2022, the European Union (EU) imposed sanctions on Yandex's CEO and co-founder, Arkady Volozh, for supporting the Russian government in the invasion of Ukraine. Shortly after, Volozh stepped down from his position. Furthermore, Yandex sold its news service and a microblogging platform Zen to VK, another internet company, and purchased Delivery Club, a food delivery service. In November 2022, Yandex N.V. announced a potential split into the Russian and international divisions, and Alexey Kudrin, former head of Russia's Audit Chamber, was appointed the corporate development adviser of Yandex.Under the deal announced in February 2024, the Russian assets are to be sold with a 50-percent discount due to Russian regulations applying to the companies registered in the countries that imposed sanctions on it, such as the Netherlands. Furthermore, due to the financial sanctions on Russia over the war in Ukraine, the Dutch company would not be able to receive its consideration in Russian rubles; instead, the cash part of the transaction would be paid in Chinese yuan.
