Yandex NV (YNDX) has released an update.
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Yandex N.V., a leading Dutch tech company, reported a substantial 40% increase in total revenue and a 144% rise in adjusted EBITDA for Q1 2024, driven by robust performance from its soon-to-be discontinued Russian operations. The company is in the process of selling these businesses, with the first closing expected shortly, and is preparing for the future with a rebranding and new senior management for its remaining international operations. Despite challenges in funding its four retained international businesses, Yandex NV plans to utilize a part of the sale proceeds to support their growth.
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