Yandex.Classifieds Has a Bumper Q3 Despite Russia Being at War

The Russian search giant and real estate portal operator Yandex has released its results for Q3 of the financial year. Highlights of the group's activities for the three months ended September 30th include:

• Company-wide revenue increase of 46% year-on-year at 133,163 million Rubles
• Company-wide Adjusted EBITDA increase of 256% at 20,003 million Rubles
• Revenues were up 39% year-on-year in Yandex.Classifieds segment at 3,371 million Rubles.

Yandex told investors in its Q1 missive that what the company euphemistically referred to as "geopolitical developments" had had "no material impact". The impact of the war in Ukraine and Russian geopolitical isolation seem to have actually helped Yandex in Q3!

The company saw significant increases in revenue across its search business and its classifieds business with the gains in Yandex.Classifieds put down to:

"improvements in our monetization strategies and value-added services, as well as strong performance of Yandex Realty and Yandex Travel on the back of increased demand for our services and changing competitive landscape on the domestic market"

Aside from operating the most popular search engine in Russia, Yandex also runs its Yandex.Classifieds division which includes real estate portal Yandex Realty and Yandex Rent as well as autos portal Auto.ru.

In real estate, Yandex Realty competes with the horizontal player Avito (recently sold by Prosus) and the Cian vertical portal (which was also delisted from the U.S. stock exchange earlier in the year.