Yandex 4Q 19 - Significant growth slowdown expected
Yandex reported 4Q and FY 19e results below the market expectations and issued a FY 20e revenue growth guidance of 22-26% yoy vs. a 37% yoy growth in FY 19.Operating trends: overall, Yandexs search share stood at 57.5% in 4Q 19, +100 bps yoy and +90 bps qoq. The search share on Android was 54.3%, up by 480 bps yoy and +150 bps qoq. The number of search queries grew by 7% yoy, paid clicks by 20% yoy and CPC decreased by 3% yoy. The number of Yandex.Taxi rides increased by 49% yoy.
Yandex is an internet and technology company that operates an internet search engine in Russia. Co. builds intelligent products and services powered by machine learning. Co.'s products and services are based on complex, unique technologies that are not easily replicated. Co. generates substantially all of its revenues from online advertising. Co. also generates revenues from its e-commerce offerings, classifieds and e-hailing service. Co.'s businesses are organized in the following operating segments: Search and Portal; E-commerce; Taxi; Classifieds and Experimental businesses.
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