Yandex (YNDX) Misses Q4 EPS by 35c, Revenues Beat

Yandex (NASDAQ: YNDX) reported Q4 EPS of $0.04, $0.35 worse than the analyst estimate of $0.39. Revenue for the quarter came in at $835.1 million versus the consensus estimate of $809.46 million.

Q4 2019 consolidated financial results

• Revenues of RUB 51.7 billion ($835.1 million), up 33% compared with Q4 2018
• Net income of RUB 0.3 billion ($4.5 million), down 95% compared with Q4 2018; net income margin of 0.5%
• Adjusted net income of RUB 5.4 billion ($87.2 million), down 22% compared with Q4 2018; adjusted net income margin of 10.4%
• Adjusted EBITDA of RUB 13.2 billion ($213.7 million), up 7% compared with Q4 2018; adjusted EBITDA margin of 25.6%

“2019 was an excellent year for us,” said Arkady Volozh, Chief Executive Officer of Yandex. “We demonstrated 39% year-on-year revenue growth on a like-for-like basis, with solid contributions from all of our businesses. We made incredible progress in the development of our world-class self-driving technology, which is now on par with global leaders in the space, and which we developed at a fraction of the cost. And we are well positioned for further innovation and ongoing growth of other outstanding businesses within our ecosystem, including our content feed product, Zen, as well as our newly launched hyperlocal convenience store delivery business, Lavka.”

“In Q4 we delivered another solid set of results with revenue growth of 33% year-on-year, or 38% on an ex-TAC basis,” said Greg Abovsky, Chief Operating Officer and Chief Financial Officer of Yandex. “We demonstrated profitability in our ride-hailing segment on an annual basis in 2019 and achieved record profitability in our Classifieds segment.”

Financial outlook

We expect our ruble-based revenues to be between 214.0 and 221.0 billion rubles, or to grow in the range of 22% to 26% for the full year 2020 compared with 2019.

We expect our Search and Portal ruble-based revenue ex-TAC to grow in the range of 14% to 17% in the full year 2020 compared with 2019.

This outlook reflects our current view, based on the trends that we see at this time, and may change in light of market and economic developments in the business sectors and jurisdictions in which we operate.

For earnings history and earnings-related data on Yandex (YNDX) click here.

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