Yandex says US GAAP Jan–Mar net loss widens to 13 bln rbl

MOSCOW, Apr 27 (PRIME) -- The net loss of Russian Internet company Yandex widened to 13.037 billion rubles in January–March from 3.220 billion rubles a year earlier, as calculated under the U.S. GAAP standards, the company said on Wednesday in a statement.

The company posted an adjusted net loss of 8.124 billion rubles in comparison to an adjusted net income of 3.008 billion rubles a year earlier.

Total revenue increased 45% to 106.010 billion rubles. Online advertising revenue rose 16% to 41.658 billion rubles.

Total adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) plunged 88% to 1.271 billion rubles. The total adjusted EBITDA margin lost 13.9 percentage points to 1.2%.

“Given the significant changes to the external environment and the high degree of uncertainty concerning future geopolitical developments, including risk of further sanctions and their impact on the Russian and global economy, our visibility over the short- and medium-term is limited,” Yandex said.

“Our previous guidance for 2022 should no longer be relied upon and we are not able to provide any forward-looking comments at this stage. We may resume providing our financial outlook for future periods when there is greater clarity over the macro environment in general and the impact on Yandex in particular.”

(72.7089 rubles – U.S. $1)

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