Yandex Beats On Q2 Revenue, Misses On Earnings, Issues FY21 Guidance

Yandex NV YNDX reported second-quarter FY21 revenue growth of 97% year-on-year to $1.13 billion, beating the analyst consensus of $1.01 billion.
Revenues from Online advertising grew 60% Y/Y to RUB 39.6 billion, Taxi segment, excluding sales of goods, rose 99% Y/Y to RUB 21.4 billion, sales of goods increased 365% Y/Y to RUB 13.4 billion, and Other revenues grew 133% Y/Y to RUB 6.96 billion.
The gross margin contracted 1,289 basis points to 48.7%.
Total operating costs and expenses jumped by 108.6% Y/Y to $1.19 billion.
The company reported an operating loss of $(65.2) million. The adjusted EBITDA margin contracted 1,336 basis points to 7.1%.
EPS loss was $(0.15) is not comparable to the analyst consensus of $0.30.
Yandex used $67.3 million in operating cash flow and held $2.95 billion in cash and equivalents.
Outlook: Yandex sees FY21 revenue of RUB 330 billion-RUB 340 billion.
Price action: YNDX shares traded higher by 1.89% at $69.50 in the premarket session on the last check Wednesday.