Yandex, the company behind Russia’s largest search engine, reported a $70.7m net profit in Q1 2020, up a hefty 76% yoy in the COVID-19 crisis period.
Two categories outlined in the firm’s official report, Taxi Business Segment Revenue and Other Revenues, are worth highlighting here:
“Revenues related to Taxi segment grew 49% in Q1 2020 compared with Q1 2019 and accounted for 24% of total revenues, compared with 20% of total revenues in Q1 2019. This increase was mainly attributed to the growth of our ride-hailing business, driven by an increase in the number of rides, solid performance of our food tech services, including the contributions from Yandex.Lavka and Yandex.Meal, as well as growth of our corporate Taxi business.”
According to the report, Other Revenues grew an impressive 111% yoy in Q1 2020, thus amounting to 12% of total revenues. The growth was primarily driven by Yandex’s non-search projects, including “initiatives related to IoT (Internet of Things)”.
This story initially appeared in Marchmont Innovation News, Russia’s daily business news website.