Yandex N.V. beats by $0.23, misses on revs (59.53)
- Reports Q3 (Sep) earnings of $22.06 per share, excluding non-recurring items, $0.23 better than the S&P Capital IQ Consensus of $21.83; revenues rose 19.3% year/year to $53.7 bln vs the $57.89 bln S&P Capital IQ Consensus.
- Taxi segment revenues increased by 58%, primarily driven by the solid performance of our food delivery business as well as the growth of Yandex.Lavka and our corporate Taxi business, where we recognize revenue on a gross basis.
- "The number of new COVID-19 cases in Russia started to grow again in September and in October already surpassed the May peak. As a result, we have seen some slowdown in the pace of recovery of our core advertising as well as mobility businesses (ride-hailing and car-sharing) in the first weeks of October. The performance in the upcoming months will highly depend on the epidemiological situation in Russia and potential new lockdown restrictions."