Yandex says US GAAP net income doubles to 2 bln rbl in Jan–Mar

MOSCOW, Apr 25 (PRIME) -- The net income of Russian Internet company Yandex more than doubled to 1.851 billion rubles from 819 million rubles in January–March 2017 as calculated under the U.S. GAAP standards, the company said on Wednesday in a statement.

Revenue increased 29% on the year to 26.573 billion rubles, while the adjusted net income rose 7% to 4.009 billion rubles.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 12% to 7.704 billion rubles. The adjusted EBITDA margin amounted to 29%.

Cash, cash equivalents and term deposits stood at 95.2 billion rubles as of March 31.

“Our investments are bearing fruit. Taxi, Classifieds and Media Services, our newest business unit, as well as our Experiments were key to accelerating revenue growth. Our business units and experiments, in aggregate, contributed over 20% of total revenues in the quarter,” Yandex CEO Arkady Volozh said.

Chief Operating Officer and Chief Financial Officer Greg Abovsky said that the pace of innovation and new product launches continues. “We unveiled exciting new products this quarter, including Yandex.Drive, a by-the-minute car rental service, and Yandex.Cloud, our virtual cloud computing infrastructure, which is now in technical preview.”

The company expects its consolidated ruble-based revenue to grow in the range of 28–32% in 2018 as compared to 2017.

“Based on the recent performance of Search and Portal, we now expect our Search and Portal ruble-based revenue growth to be in the range of 19% to 21% in the full year 2018 compared with 2017,” Yandex said.

(61.6644 rubles – U.S. $1)

End