Often dubbed "Russia's Google", Yandex has struggled to balance domestic pressures with the interests of its Western investors since Russia sent troops into Ukraine in February 2022.
Yandex's net income fell to 9.6 billion roubles ($106.8 million) while its adjusted earnings before income, tax, depreciation and amortisation (EBITDA) fell 4% to 24.7 billion roubles.
Revenue continued to grow, however, gaining 55% to 182.5 billion roubles, Yandex said.
Yandex's Dutch-registered holding company is advancing plans to divest ownership and control of most of Yandex Group with a corporate restructuring.
U.S. sanctions imposed last week on Alexei Kudrin, the former finance minister now spearheading Yandex's restructuring efforts, could hamper those plans.
Persons:
Yandex, Alphabet's, Alexei Kudrin, Gleb Stolyarov, Alexander Marrow, Jason Neely, Emma Rumney
Organizations:
Google, Yandex, Reuters, Thomson
Locations:
Russian, Ukraine, Russia, Yandex's, U.S