Russian internet firm Yandex on Friday raised its 2019 revenue growth guidance for a second time after a strong second quarter driven by its taxi ...
MOSCOW: Russian internet firm Yandex on Friday raised its 2019 revenue growth guidance for a second time after a strong second quarter driven by its taxi and ride-sharing businesses.
Revenue related to Yandex's Taxi segment jumped 116per cent and accounted for 21per cent of total revenues, driven by an increase in rides and optimisation of incentives, the company said.The business unit became profitable in the quarter with adjusted earnings before interest, tax, depreciation and amortisation of 423 million roubles.
The number of rides in the Taxi segment grew by 49per cent year-on-year after a 53per cent growth on a like-for like basis in the first quarter. Russia's Sberbank and internet firm Mail.ru said on Thursday they would invest up to 64 billion roubles in a new joint platform for taxi services and food.
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