04/29/2022
Russia's Yandex plunges in Q1
Yandex, the Russian Internet group, plunged in the first quarter. The company, whose Nasdaq-listed shares were suspended in February, said it is considering options to lighten trading in its shares, including another international listing. The quarterly loss was slightly higher than Yandex's adjusted net income of 8 billion rubles for the full year 2021. Revenue for the quarter was 106 billion rubles, up 45 percent from a year earlier. The company's Moscow-listed shares rose by more than 10% on the day. In withdrawing its financial guidance, Yandex also said it had scaled back or suspended many of its planned international and domestic investments, but would continue spending in core areas.