Nebius Group, formerly Yandex N.V., announced Q2 2024 financial results, with revenue soaring 430% YoY to $24.9 million. The company's core AI infrastructure business, Nebius AI, saw cloud revenue grow nearly 60% QoQ, with ARR exceeding $80 million as of July 2024. Capital expenditures reached $161.6 million in Q2, with plans for significant increases to support growth.The company completed the divestment of its Russia-based businesses, receiving $2.5 billion in cash and no debt post-transaction. Nebius Group now focuses on four key areas: AI infrastructure, data services (Toloka AI), edtech (TripleTen), and autonomous driving technology (Avride). The company plans to change its name to Nebius Group N.V., subject to shareholder approval on August 15, 2024.Despite revenue growth, Nebius reported a net loss from continuing operations of $39.3 million, an improvement from $74.3 million in Q2 2023. The company's cash position remains strong, with $2.3 billion as of June 30, 2024. Nebius continues to invest in expanding its GPU and data center capacity to support its ambitious growth plans in AI infrastructure and related businesses.

Nebius Group, formerly Yandex N.V., announced Q2 2024 financial results, with revenue soaring 430% YoY to $24.9 million. The company's core AI infrastructure business, Nebius AI, saw cloud revenue grow nearly 60% QoQ, with ARR exceeding $80 million as of July 2024. Capital expenditures reached $161.6 million in Q2, with plans for significant increases to support growth.The company completed the divestment of its Russia-based businesses, receiving $2.5 billion in cash and no debt post-transaction. Nebius Group now focuses on four key areas: AI infrastructure, data services (Toloka AI), edtech (TripleTen), and autonomous driving technology (Avride). The company plans to change its name to Nebius Group N.V., subject to shareholder approval on August 15, 2024.Despite revenue growth, Nebius reported a net loss from continuing operations of $39.3 million, an improvement from $74.3 million in Q2 2023. The company's cash position remains strong, with $2.3 billion as of June 30, 2024. Nebius continues to invest in expanding its GPU and data center capacity to support its ambitious growth plans in AI infrastructure and related businesses.