Yandex gains on Q2 beat, guidance reiteration


Yandex (YNDX +2.8%) is reiterating guidance for 25%-30% full-year ruble-based revenue growth; consensus is at 27.1%. Q2 adjusted EPS of RUR10.15 ($0.30) slightly beat a consensus of RUR10.08/share.

Thanks to a mix shift towards ad network sales TAC rose to 21.8% of revenue from 15.9% a year ago. Thus, ex-TAC revenue growth (+23%) trailed total revenue growth (+32%).

Text-based ad revenue on Yandex sites (search-driven, 71% of total revenue) +27% to RUR8.56B. Text-based ad network revenue +92% to RUR2.71B; display ads on Yandex sites -16% to RUR674M; display ad network sales up nearly 6x to RUR101M.

Search query volume +21% Y/Y. Paid clicks +36%, cost per click +1%. Total advertisers +25% to over 295K. Yandex's Q2 Russian search share was estimated by LiveInternet to be at 61.6%.

R&D spend rose to 17.1% of revenue from 15% a year ago. SG&A spend fell to 15.7% from 16.6%. $106.3M was spent on stock repurchases.

Shares had sold off earlier on July on geopolitical fears.

Q2 results, PR

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Comments (1)
  • 11146471
    , contributor
    Comments (1379) | Send Message
     
    Excellent results.

     

    Highly undervalued stock.

     

    Price target for 2014 is 45$.

     

    Price target for 2015 is 55$.

     

    Those who believe, follow.
    29 Jul 2014, 01:51 PM Reply Like
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