MOSCOW: Russia’s biggest search site Yandex on Thursday reported a stronger-than-forecast 27 percent rise in 2016 revenue and predicted 16-19 percent growth for 2017: “We expect our consolidated revenue to grow in the range of 16 percent to 19 percent in the full-year 2017 compared with 2016,” Yandex said in a statement.
Sees growth potential in taxi, e-commerce and classifieds businesses for 2017. In FY 2016 revenue rose 27 percent to 75.9 billion roubles ($1.33 billion), beating the company’s forecast for 22-24 percent growth. Q4 2016 revenues increased 22 percent compared with Q4 2015 to 22.1 billion roubles, driven by a 20 percent jump in online advertising revenues.
Q4 net income fell 57 percent year-on-year to 1.2 billion roubles due to a 1.2-billion-rouble foreign exchange loss and higher selling, general and administrative costs. Q4 adjusted net income was down 11 percent year-on-year at 3.2 billion roubles. Q4 adjusted EBITDA at 6.7 billion roubles, up 2 percent year-on-year, with adjusted EBITDA margin of 30.3 percent. Cash, cash equivalents, term deposits and short-term investments in debt securities stood at 63.0 billion roubles as of Dec. 31, 2016. Share of Russian search market, including mobile, averaged 55.4 pct in Q4 2016 compared to 55.9 pct in Q3 2016.
