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Russia's Yandex sees 2017 revenue rising 16-19 pct
February 16, 2017 / 12:04 PM / in 8 months

Russia's Yandex sees 2017 revenue rising 16-19 pct

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MOSCOW, Feb 16 (Reuters) - 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.

* Search queries in Russia grew 3 percent in Q4 year on year. Further company coverage: ($1 = 57.2240 roubles) (Reporting by Maria Kiselyova. Editing by Jane Merriman)

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