Yandex NV ( (NBIS) ) has released its Q3 earnings. Here is a breakdown of the information Yandex NV presented to its investors.
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Nebius Group N.V., headquartered in Amsterdam and listed on NASDAQ, is a leading technology company specializing in AI infrastructure, offering services like large-scale GPU clusters and cloud platforms to support the burgeoning AI industry. The company has R&D hubs across Europe, North America, and Israel, and operates additional businesses in data management, edtech, and autonomous technology.
In the third quarter of 2024, Nebius Group reported impressive growth, with revenue increasing 1.7 times compared to the previous quarter, totaling USD 43.3 million. This growth was primarily driven by the core AI infrastructure business, which saw a 2.7-fold increase quarter-on-quarter and a 6.5-fold increase year-on-year. The company also expanded its customer base and launched new strategic product developments, including the Nebius AI Studio and a specialized cloud platform for AI.
Key financial highlights for the quarter included a significant rise in cash reserves to USD 2,288.2 million and capital expenditures reaching USD 167.0 million. Despite the increased revenue, the company reported a net loss from continuing operations of USD 51.8 million, a decrease from the previous year due to higher interest income. Nebius continued its strategic expansion by launching a GPU cluster in Paris and planning a major data center expansion in Finland.
Other business segments, such as Toloka and TripleTen, also showed strong performance, with Toloka’s revenue heavily driven by generative AI projects, and TripleTen seeing a threefold increase in student enrollments. Avride entered a strategic partnership with Uber to integrate delivery robots and autonomous vehicles into Uber’s platforms, marking significant commercial expansion.
Looking ahead, Nebius Group remains focused on accelerating its investment in AI infrastructure and expanding its data center capacity to support anticipated growth. The management’s forward-looking strategy appears geared towards leveraging the increasing demand for AI solutions, aiming to strengthen its position in the global AI market.
