Benzinga | Oct 27, 2021 12:28PM EDT

Yandex Clocks 57% Revenue Growth In Q3, Raises FY21 Outlook

* Yandex NV (NASDAQ:YNDX) reported third-quarter FY21 revenue growth of 57% year-on-year to $1.25 billion, beating the consensus of $1.23 billion.

* Revenues from Online advertising grew 28% Y/Y to RUB 42.6 billion, Taxi segment, excluding sales of goods, rose 66% Y/Y to RUB 26.3 billion, sales of goods increased 136% Y/Y to RUB 13.97 billion, and Other revenues grew 146% Y/Y to RUB 8.45 billion.

* Total operating costs and expenses jumped by 86.2% Y/Y to $1.33 billion. The company reported an operating loss of $(78.1) million.

* Yandex generated $30.3 million in operating cash flow and held $1.85 billion in cash and equivalents.

* Outlook: Yandex raised FY21 revenue outlook from RUB 330 billion - RUB 340 billion to RUB 340 billion - 350 billion.

* Yandex increased its Search & Portal ruble-based revenue outlook to high-twenties growth (from mid-twenties previously).

* Yandex sees Adjusted EBITDA margin to be marginally lower although still over 48%.

* Yandex raised guidance for GMV growth in ride-hailing from 60% to 65% - 70%. Yandex sees total E-Commerce GMV increase up to 3x Y/Y.

* Price Action: YNDX shares traded higher by 4.80% at $79.93 on the last check Wednesday.