- NASDAQ:QIWI has soared to its highest levels since last September after trouncing Q1 estimates. Shares are up 19% over the last two days, and 64% YTD.
- Net revenue yield rose rose 18 bps Q/Q and 33 bps Y/Y to 1.59%. That helped revenue (on a ruble basis) rise 34% Y/Y in spite of a modest 6% increase in payment volume (depressed by soft Russian retail loan activity) to RUR158.5B ($2.7B). Payment net revenue yield rose 11 bps Q/Q and 25 bps Y/Y to 1.16%.
- Segment performance: Payments revenue rose 35% Y/Y to $31.5M, and other revenue (interest, inactivity fees, kiosk sales/renting, ads, etc.) rose 31% to $11.5M. Within payments, e-commerce accounted for $12.6M of revenue, financial services $6.8M, remittances $5.5M, telecom payments $4.2M, and everything else $2.4M. E-commerce's revenue yield (3.54%) dwarfed that of all other payments services.
- SG&A spend rose 12% Y/Y to RUR652.2M ($11.2M). Active kiosks/terminals totaled 177.4K, -3% Q/Q and +6% Y/Y. Active Qiwi wallet accounts rose by 100K Q/Q and 1.7M Y/Y to 17.3M.
- With Russian macro pressures still a concern, Qiwi is maintaining full-year guidance for 12%-16% revenue and net profit growth (on a ruble basis) for now.
- Q1 results, PR