UPDATE: Yandex’s US GAAP net income rises 43% to 402 mln rbl in Q4 2020

(Adds executive’s comments in last 2 paragraphs)

MOSCOW, Feb 16 (PRIME) -- The net income of Russian Internet company Yandex increased 43% on the year to 402 million rubles in October–December 2020, as calculated under the U.S. GAAP standards, the company said on Tuesday.

Revenue rose 39% to 71.599 billion rubles.

The adjusted net income grew 17% to 6.309 billion rubles. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) went up 6% to 14.040 billion rubles with the EBITDA margin at 19.6%.

In the full 2020 year, the net income more than doubled to 24.149 billion rubles from 11.199 billion rubles in 2019. Revenue rose 24% to 218.344 billion rubles. The adjusted net income fell 11% to 21.018 billion rubles. Adjusted EBITDA lost 2% to 49.762 billion rubles with the EBITDA margin at 22.8%.

“Assuming no further escalation of the coronavirus pandemic and gradual improvement of the situation from the second quarter of the year, we expect our total group revenues to be between 305 and 320 billion rubles for the full year 2021. The growth will be primarily driven by an acceleration of revenue dynamic across our e-commerce businesses – Yandex.Market, Lavka, and grocery part of Yandex.Eats – as well as recovery in Search & Portal and Ride-hailing segments,” the company said.

“Our outlook reflects our current view, based on the trends that we see in the beginning of the year, and may change subject to the economic impact of the coronavirus pandemic and potential further disruptions caused by the health crisis.”

COO and CFO Greg Abovsky said at a conference call that Yandex expects the online advertising market to grow in 2021 and the Search and Portal revenue will rise together with the market.

“We think the total gross merchandise volume (GMV) of e-commerce will increase by 2.5 times in 2021. We plan to raise investment in this direction significantly,” he said.

(73.3092 rubles – U.S. $1)

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