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reported that Yandex also had the right to buy out the remaining shares partner for an amount of $ 1.8-2 billion until September 2023. But on March 1, 2022, The New York Times, citing a statement from an American company, reported that Uber plans to accelerate the sale of its stake in a joint venture with Yandex and reduce their presence on the board of directors.
Yandex.Taxi and Uber merged passenger transportation and food delivery businesses in Russia and several CIS countries in 2018.
Internet company Yandex has topped the rating of the most expensive companies of the Runet, the Russian-speaking segment of the Internet, with the value of $10.2bn in 2023, Forbes reported on Monday in its rating of 30 most expensive companies of the Runet. Marketplaces Wildberries and Ozon ranked second and third with $9.8bn and $5.2bn, respectively, as of February 1. The top 10 companies also include software maker 1C, antivirus software maker Kaspersky, online classifieds platform Avito, IT company SKB Kontur, Internet company VK, IT company Positive Technologies, and online recruiting platform HeadHunter.
Yandex reported very strong 4Q22 results, with revenue up 49% YoY to RUB165bn (10% above our forecast) and adj. EBITDA up 77% to RUB17.2bn (2.6x above our forecast), equivalent to 10.4% margin.
● S&P was among the key drivers of outperformance vs our expectations, both in terms of top-line and EBITDA. Revenue grew by 47%, a slight acceleration vs 3Q despite a full quarter without Zen. This was driven by strong trends in Yandex Ad Network and solid growth of search ad revenues. In 4Q all ad categories were in positive territory, with finance, real estate, education & employment, entertainment and home & garden leading the YoY growth. Solid trends continued in January, although the growth should slow in the short-term as soon as the impact of 2022 changes in ad market competitive landscape annualises. S&P EBITDA margin was 51.7% in 4Q, up 1.1 ppt YoY, supported by positive operating leverage and good cost control. As a result, S&P 4Q EBITDA exceeded our forecast by RUB4.3bn.
● Mobility GMV grew by 25% (incl. 17% growth in rides), broadly in line with 3Q. The share of non-Russian trips reached 30% in December vs 25% a year ago.Other O2O GMV grew by 59%, including 98% growth in logistics and food delivery.
● E-commerce / Y.Market GMV growth accelerated to 90% / 86% in 4Q (3Q: 73% / 79%), slightly below our forecast but a good result anyway, with further acceleration in January. FY22 e-commerce GMV reached
165 RUSSIA Country Report March 2023 www.intellinews.com