WOOD Flash – Yandex: neutral expectations for 2Q21E (due on 28 July)
We expect Yandex to report neutral 2Q21E results, especially in its core segments (Search, Taxi and E-commerce). Quarterly results are notoriously volatile, especially for fast-growing companies like Yandex. More importantly, the company has made a big bet on E-commerce, aiming ambitiously to become a top-3 player and close the gap with the market leaders. This goal, coupled with the fast expansion of new services (e.g., Media) and the imminent launch of other services (e.g., Fintech), affects its profits negatively in the short term, despite creating value in the long term. We expect management to focus on the value created through the new investments during the call, with particular metrics, such as the growth of Yandex.Plus subscribers, the growth of the GMV in e-commerce and synergies across different services (e.g., Taxi, Delivery and E-commerce).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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