Yandex US GAAP revenue rises 23% to 22 bln rbl in Apr–Jun

MOSCOW, Jul 28 (PRIME) -- Revenue of Russian Internet giant Yandex jumped 23% on the year to 22.1 billion rubles in April–June, and its net income soared 69% to 3.5 billion rubles, as calculated under U.S. GAAP, the company said in a statement on Friday.

The adjusted net income added 2% to 4.0 billion rubles. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 7% to 7.2 billion rubles. The EBITDA margin stood at 32.6%.

Cash, cash equivalents, term deposits, and short-term investments in debt securities were at 66.2 billion rubles as of June 30.

“Our team delivered another strong quarter,” Yandex’s CEO Arkady Volozh said. “Our agreement with Uber to combine ridesharing operations in Russia and five neighboring countries demonstrates the potential of our business units to accelerate innovation and create substantial shareholder value.”

Chief Operating Officer Alexander Shulgin said he expects continued investment in taxi, e-commerce, classifieds, and other new initiatives to drive further growth.

“Based on the solid first half of the year, we currently expect our ruble-based revenue to grow in the range of 18% to 21% for the full year 2017. 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.

In April, Yandex increased its 2017 revenue guidance to 17–20 growth%.

(59.4102 rubles – U.S. $1)

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