Yandex NV Rallies After Strong Earnings Report

Yandex NV Rallies After Strong Earnings Report

Yandex NV (NASDAQ:YNDX) released the earnings results from its most recently completed quarter early this morning, posting net profits of 4.4 billion roubles ($111 million), a 12% year over year decline. Adjusted net income increased 24% to 3.9 billion roubles ($99.4 million). Revenues rose 28% to 13.1 billion roubles ($331.5 million).

Key metrics from Yandex’s earnings report

Revenue excluding traffic acquisition costs rose 29% year over year. Adjusted EBITDA rose 34% to 5.9 billion roubles ($114.1 million). Yandex reported an operating margin of 34.4% and an adjusted EBITDA margin of 45.2%. Excluding traffic acquisition costs, the adjusted EBITDA margin was 57.4%.

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The company reported an average 60.3% share of the Russian search market, including mobile devices. Yandex saw search queries increase 13% and its number of advertisers climb 20% to surpass 300,000.

Text-based ad revenues made up 93% of Yandex’s total third quarter revenues. Text-based ad revenues from its own websites made up 71% of total revenues and increased 33% year over y