Yandex: annual revenue 2021-2023, by segment

Yandex's annual revenue from the search and portal segment amounted to approximately 337.5 billion Russian rubles in 2023. This marked an increase by 49 percent compared to the previous year’s figure. The e-commerce, mobility, and delivery segment earned around 420.8 billion Russian rubles in 2023, having made up 53 percent of the company's total revenue in that year. 

History and business model

Yandex, which stands for “yet another indexer,” was presented to the wide public for the first time in 1997. The company developed its first contextual banner a year after its launch, and ever since contextual advertising has become the core business segment of the search engine. Some of the most significant milestones were marked in 2002 when Yandex became profitable, in 2005 when the company expanded beyond national borders, and in 2011 when Yandex got listed in NASDAQ stock market. New innovative services have been developed by the company on a yearly basis since its foundation.

Yandex.Taxi was introduced in 2011 and has soon become one of the most profitable segments of the company. Apart from Russia, it operates across CIS countries, Eastern Europe, and the Middle East, combining taxi aggregation and food tech businesses. In 2023, the mobility segment yielded a revenue of roughly 165.9 billion Russian rubles.

Financial highlights

 Yandex’s annual revenue along with the operating costs and expenses have been growing year-on-year. In 2023, the former exceeded 800 billion Russian rubles, and the latter amounted to over 771.6 billion Russian rubles. The search and portal segment, with nearly 173 billion Russian rubles in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), was the most profitable segment of the group in 2023.