Yandex NV (YNDX) Stock Drops as Q2 Earnings Miss Expectations
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Yandex NV (NASDAQ:YNDX) Q2 earnings fell short of analyst expectations despite revenue that was slightly above forecasts. YNDX stock is down 3.4% at 8:16 am EDT in pre-market trading.
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Earnings per share 18 cents versus analysts (2) average 22 cents
Revenue $374.1 million, up 23% compared with $305.2 million in Q2 2016; Analysts average estimate was $373.5 million
Net income of $59 million, up 69% versus Q2 2016; net income margin at 15.8%
Earlier this month, the Moscow-based internet search provider and taxi/ridesharing network operator and Uber announced an agreement to combine their ridesharing businesses in Russia and five neighboring countries
YNDX said “Other revenues” category grew 59% in Q2 2017 compared with Q2 2016, and were mainly driven by growth in Yandex.Taxi segment
Number of rides grew 425% year-on-year compared with Q2 2016
Yandex expects its rouble-based sales to grow 18%-21% for FY2017 compared with previously expected 17%-20%
InvestorPlace contributor Josh Enomoto yesterday wrote: “I’m not a fan of YNDX stock. They have the goods to deliver an earnings beat in Q2. Beyond that, it’s anyone’s guess.”
YNDX stock is up 53% so far this year
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