Yandex Stock, Global Ambitions Hampered After Ukraine War – Bloomberg

The so-called Google of Russia lost 60% of its market value last month. But first…

Today’s top tech news:

Yandex.Spirals

Yandex NV is Russia’s biggest technology brand, a dominant web and mobile service provider in businesses ranging from search to ride hailing. Once heralded for its global ambitions and outmaneuvering of Silicon Valley rivals, Yandex is now at risk of slipping behind a digital iron curtain.

Although it doesn’t have an exact corporate equivalent in the U.S., Yandex is often described as a mashup of Amazon.com Inc., Google and Uber Technologies Inc. with tens of millions of Russians turning to the company for food delivery (Yandex.Eats), streaming content (Yandex.Music and Yandex.Live) and a Prime-like subscription bundle (Yandex.Plus). Until recently, shares of Yandex were soaring, hitting an all-time this past fall after the company raised its sales forecast and expanded deeper into e-commerce.

Then came Russia’s invasion of Ukraine, far-reaching Western sanctions…

Read Full Story: https://www.bloomberg.com/news/newsletters/2022-03-21/yandex-stock-global-ambitions-hampered-after-ukraine-war

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