QIWI plc (QIWI) Tops Q2 EPS by 5c; Trims FY16 Outlook

QIWI plc (NASDAQ: QIWI) reported Q2 EPS of $0.33, $0.05 better than the analyst estimate of $0.28. Revenue for the quarter came in at $40.8 million versus the consensus estimate of $38.8 million.

2016 Guidance

QIWI downgrades its guidance in respect of 2016 Adjusted Net Revenue and Adjusted Net Profit outlook:

• Total Adjusted Net Revenue is expected to increase by 2% to 5% over 2015
• Adjusted Net Profit is expected to increase by 5% to 10% over 2015

The overall macroeconomic conditions continue to adversely affect the purchasing power of the Russian population as decreasing real wages put pressure on the disposable income. This in turn leads to the overall decrease in consumer spending and consequently our payment volumes.

We have also noted negative trends in Money Remittance market due to shifting migration trends. We anticipate that downward trends and weaker demand for money remittance services can negatively affect our volumes and revenues in this category.

For earnings history and earnings-related data on QIWI plc (QIWI) click here.

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