WOOD Flash – Yandex: takeaways from interview with Deputy CEO
Yandex’s deputy CEO, Tigran Khudaverdian, has shared the latest developments and views in an interview with The Bell. According to Mr. Khudaverdian, the COVID-19 crisis could accelerate the expansion of some of its segments (e.g., Food Delivery) by about a year; he also expects a sharp rebound in the Ride-Hailing business after a couple of weak quarters; while the online advertising market is likely to be hit more than in previous recessions, due to its much bigger relative size. In general, the interview echoed our views, which we expressed in our recent sector report, published on 9 April, where we identified the Russian tech companies (including Yandex) as relative long-term winners of the crisis, although the weaker Rouble and falling revenues from advertising and Ride-Hailing limit the near-term upside in the stock.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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