Yandex US GAAP net income sags 1% to 4.4 bln rbl in Jul–Sep

MOSCOW, Oct 25 (PRIME) -- The net income of Russian Internet company Yandex went down 1% on the year to 4.4 billion rubles in July–September, as calculated under the U.S. GAAP standards, the company said on Friday in a statement.

Revenue increased 38% to 45 billion rubles. Adjusted net income rose 12% to 6.9 billion rubles.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 29% to 13.9 billion rubles. The adjusted EBITDA margin was at 30.9%.

Cash, cash equivalents, and term deposits stood at 85.4 billion rubles as of September 30.

“We delivered 38% year-on-year revenue growth in July–September with great contributions from Search and Portal, Taxi and Drive,” said Chief Operating Officer and Chief Financial Officer of Yandex Greg Abovsky.

“Our core business continued delivering strong results and demonstrated solid margins, while our business units and experiments maintained triple digit revenue growth, and now represent 36% of consolidated revenue.”

Revenues related to the Taxi segment grew 89% on the year to 9.7 billion rubles in July–September compared with the same quarter of 2018 and accounted for 21% of total revenues. “This increase mainly reflected the solid performance of our ride-sharing business driven by increase in the number of rides and incentives optimization, the strong growth of our corporate Taxi offering, which we recognize on a gross basis, as well as the growing contribution of our food delivery businesses,” the company said.

Yandex expects its ruble-based revenues excluding Yandex.Market to grow in the range of 36% to 38% for the full year of 2019 compared with 2018.

“We are changing the lower end of our financial outlook for Search and Portaland now expect its ruble-based revenue to grow in the range of 20% to 21% in the full year 2019 compared with 2018. This outlook reflects our current view, based on the trends that we see at this time, and may change in light of market and economic developments in the business sectors and jurisdictions in which we operate,” the company said.

(63.8600 rubles – U.S. $1)

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