Yandex (YNDX) Reports Q1 EPS of $0.22 on Revenues of $604.7M

Yandex (NASDAQ: YNDX) reported Q1 EPS of $0.22. Revenue for the quarter came in at $604.7 million.

Q1 2020 consolidated financial results

Revenues of RUB 47.0 billion ($604.7 million), up 26% compared with Q1 2019
Net income of RUB 5.5 billion ($70.7 million), up 76% compared with Q1 2019; net income margin of 11.7%
Adjusted net income of RUB 5.1 billion ($66.2 million), down 5% compared with Q1 2019; adjusted net income margin of 11.0%
Adjusted EBITDA of RUB 12.1 billion ($156.3 million), up 13% compared with Q1 2019; adjusted EBITDA margin of 25.8%

Q1 2020 consolidated financial results

• Revenues of RUB 47.0 billion ($604.7 million), up 26% compared with Q1 2019
• Net income of RUB 5.5 billion ($70.7 million), up 76% compared with Q1 2019; net income margin of 11.7%
• Adjusted net income of RUB 5.1 billion ($66.2 million), down 5% compared with Q1 2019; adjusted net income margin of 11.0%
• Adjusted EBITDA of RUB 12.1 billion ($156.3 million), up 13% compared with Q1 2019; adjusted EBITDA margin of 25.8%

“The year started off well, but by mid-March our markets began to be impacted by the coronavirus outbreak,” said Arkady Volozh, Chief Executive Officer of Yandex. “I am very proud of how fast we mobilized our resources to support our users, our partners and our communities who use our services during this difficult time. We have become the leading destination for our users where they can receive accurate and reliable information, consume educational content, view streaming videos, and order food delivery. We launched our “Helping Hand” project which provides transportation for medical staff and facilitates the delivery of medicine, the provision of coronavirus testing kits and distribution of essential goods. Along with social responsibility our key priority remains to ensure Yandex emerges from this crisis stronger than before as we continue to manage the company for the long term.”

“We delivered 26% year-on-year revenue growth in Q1, or 30% on an Ex-TAC basis,” said Greg Abovsky, Chief Operating Officer and Chief Financial Officer of Yandex. “The second quarter is likely to be more challenging for us, and we are focusing on recalibrating our expenses, our pace of investments and allocation of capital between the businesses to ensure that Yandex is well positioned for the long-term. Our strong balance sheet should help us to withstand the short-term challenges, while providing flexibility to invest in strategic projects.”

Financial outlook

Given the difficulty in predicting how long the pandemic will persist and uncertainty about its effects on the economy and businesses, we are unable at this time to reliably quantify the impact of the coronavirus outbreak on our future financial results. As such, we are withdrawing our 2020 guidance, which we provided on February 14, 2020. As and when there is greater clarity regarding the impact of the current crisis on the business environment generally and on Yandex in particular, we may provide further guidance regarding 2020.

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

You May Also Be Interested In

• Nomura/Instinet Upgrades Genting Singapore (GENS:SP) (GIGNY) to Neutral
• MapLight Therapeutics, Inc. (MPLT) Misses Q2 EPS by 33c
• Jernigan Capital (JCAP) Tops Q2 EPS by 5c