(Reuters) – Russian internet group Yandex on Wednesday reported an adjusted net loss of 8.1 billion roubles ($110 million) in the first quarter of this year, a week after withdrawing its 2022 financial guidance.
Yandex itself has not been targeted with western sanctions over Russia’s actions in Ukraine, but the Nasdaq-listed firm has faced a range of issues in the past few weeks, from senior management changes to European Union criticism and concerns over servicing its debt.
Yandex said the net loss was primarily due to investments in its businesses in the first two months of the year.
($1 = 73.7170 roubles)
(Reporting by Reuters)
