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LONDON, UK / ACCESSWIRE / November 6, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Yandex N.V. (NASDAQ: YNDX), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=YNDX, following the Company's announcement of its third quarter fiscal 2017 financial results on October 24, 2017. Russia's biggest search engine's share of the Russian search market reached 55.5% in September 2017, while it also raised revenue guidance for FY17. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Internet Information Providers industry. Pro-TD has currently selected Blucora, Inc. (NASDAQ: BCOR) for due-diligence and potential coverage as the Company announced on October 26, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Blucora when we publish it.
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Earnings Reviewed
For the quarter ended September 30, 2017, Yandex's revenue surged 21% to RUB 23.4 billion ($404.0 million) compared to revenue of RUB 19.29 billion in Q3 2016.
During Q3 2017, Yandex's cost of revenues, including traffic acquisition costs (TAC), grew 18% to RUB 4.41 billion compared to RUB 3.37 billion and represented 18.8% of total revenues, 50 basis points lower than in Q3 2016. For the reported quarter, the Company's Other cost of revenues increased 38% to RUB 1.64 billion on y-o-y basis. The rise was due to an increase in services provided to Taxi corporate clients, for which revenue and related costs are recorded on a gross basis; a growth in outsourced services related to the increased usage of Yandex's crowdsourcing platform Toloka; and content acquisition costs related to Media Services.
For Q3 2017, Yandex's selling, general, and administrative expenses (SG&A) grew 80% to RUB 8.05 billion on a y-o-y basis as the Company continued to invest in advertising and marketing to support its business units, primarily Taxi, and also due to Yandex's extensive advertising and marketing campaign related to Search.
Yandex's income from operations decreased 48% to RUB 1.85 billion in Q3 2017 compared to RUB 3.55 billion in Q3 2016, due to an increase in the Company's advertising and marketing costs related to business units. Yandex's foreign exchange loss was RUB 609 million in Q3 2017 compared to a foreign exchange loss of RUB 432 million in Q3 2016. This loss reflects the appreciation of the Russian ruble from RUB 59.0855 to $1.00 on June 30, 2017, to RUB 58.0169 to $1.00 on September 30, 2017.
Yandex reported net income of RUB 0.9 billion ($14.7 million) in Q3 2017, down 65% on a y-o-y basis, primarily due to an increase in SGA expenses. The Company's adjusted net income was RUB 2.4 billion ($40.9 million) in Q3 2017; a 37% decrease from Q3 2016. The Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) was RUB 5.7 billion ($98.2 million) for Q3 2016, down 17% on a y-o-y basis.
Operational and Corporate Highlights
During Q3 2017, Yandex's share of the Russian search market, including mobile, averaged 54.9% compared to 54.3% in Q2 2017 and reached 55.5% in September 2017. The Company's search share on Android in Russia was 41.2% in the reported quarter compared to 38.2% in the previous quarter.
During Q3 2017, Yandex's search queries in Russia grew 7% compared to Q3 2016. Paid clicks on Yandex's and its partners' websites, in aggregate, increased 6% on a y-o-y basis. The Company's average cost per click grew 12% compared to Q3 2016.
For Q3 2017, Yandex's online advertising revenues grew 19% to RUB 21.88 billion compared to RUB 18.44 billion in Q3 2016; contributing 93% of the Company's total revenues. Online advertising revenues included revenues derived from performance and brand advertising on Yandex properties and in its advertising network. For the reported quarter, Online advertising revenues from Yandex properties increased 22% to RUB 16.33 billion on y-o-y basis compared to RUB 13.44 billion in Q3 2016 and accounted for 70% of total revenues. Online advertising revenues from the Company's advertising network increased 11% to RUB 5.55 billion on y-o-y basis, and contributed 24% of total revenues.
Cash Matters
As of September 30, 2017, Yandex had cash, cash equivalents, and term deposits of RUB 66.6 billion ($1.15 billion). The Company's net cash flow provided by operating activities was RUB 3.3 billion ($56.3 million) and capital expenditure was RUB 2.1 billion ($36.1 million). During Q3 2017, there were no repurchases of convertible debt notes.
In Q3 2017, Yandex's headcount increased by 379 full-time employees. The total number of full-time employees was 6,896 as of September 30, 2017, increasing 6% compared to June 30, 2017, and up 17% from September 30, 2016.
Financial Outlook
Yandex raised its revenue growth outlook for the calendar year 2017. The Company is expecting ruble-based revenue to grow 22% to 23% for the full year 2017.
Stock Performance
At the closing bell, on Friday, November 03, 2017, Yandex's stock declined 1.29%, ending the trading session at $33.01. A total volume of 2.02 million shares have exchanged hands. The Company's stock price skyrocketed 10.18% in the last three months, 19.34% in the past six months, and 78.43% in the previous twelve months. Moreover, the stock soared 63.98% since the start of the year. The stock is trading at a PE ratio of 78.60 and currently has a market cap of $10.91 billion.
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