Yandex’s adjusted net income rises 18% to 3.7 bln rbl in Jan–Mar

MOSCOW, Apr 27 (PRIME) -- The adjusted net income of Russian Internet giant Yandex increased 18% on the year to 3.7 billion rubles in January–March, the company said in a statement on Thursday.

Revenue rose 25% to 20.7 billion rubles. Net income shrank 23% to 800 million rubles.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 19% to 6.9 billion rubles. The adjusted EBITDA margin amounted to 33.3%.

Cash, cash equivalents, term deposits and short-term investments in debt securities amounted to 61.4 billion rubles as of March 31.

The share of Russian search market, including mobile, averaged 55.4% in January–March, flat on the quarter, according to LiveInternet.

“The recently announced settlement between Yandex, Google and the Federal Antimonopoly Service will provide real choice to users and move us closer to a level playing field in Russia,” CEO Arkady Volozh said. “We expect this will open the door to market share gains on mobile in 2017 and beyond.”

Yandex increased its 2017 revenue guidance on the solid start of the year and currently expect its ruble-based revenue to grow in the range of 17–20%.

(56.3131 rubles – U.S. $1)

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