Yandex says swings to US GAAP net income of 7 bln rbl in Oct–Dec

MOSCOW, Feb 15 (PRIME) -- Russian Internet company Yandex posted a net income of 7.055 billion rubles in October–December 2022 against a net loss of 2.861 billion rubles a year earlier, as calculated under the U.S. GAAP standards, the company said on Wednesday in a statement.

Total revenue rocketed 49% to 164.778 billion rubles.

Total adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 77% to 17.173 billion rubles. The total adjusted EBITDA margin added 1.6 percentage points to 10.4%.

For the full 2022 year, Yandex posted a net income of 47.615 billion rubles against a net loss of 14.653 billion rubles. Total revenue rose 46% to 521.699 billion rubles.

Total adjusted EBITDA doubled to 64.140 billion rubles, and the total adjusted EBITDA margin added 3.3 percentage points to 12.3%.

“Given that uncertainty concerning future geopolitical developments and the macro environment remains high, our visibility over the short- and medium-term is limited and we remain unable to provide any forward-looking expectations at this stage. We aim to remain transparent about the performance and key trends across our businesses with our quarterly letter to shareholders,” Yandex said.

(73.8645 rubles – U.S. $1)

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