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Yandex (NASDAQ:YNDX) reported its Q1 2022 financial results, revealing a 45% increase in total revenues to 106.01 billion RUB. However, net loss surged to 13.04 billion RUB from a previous loss of 3.22 billion RUB, and adjusted EBITDA fell by 88% to 1.27 billion RUB. The company’s operations faced challenges due to geopolitical developments, impacting performance in the latter part of the quarter. Despite these issues, Yandex maintained a 61% share in the Russian search market and reported significant growth in its rides and e-commerce services.
Yandex N.V. is currently exploring strategic options, including potential divestment, for its news aggregation service and infotainment platform, Zen. The company aims to refocus on its core technology businesses, such as search, advertising, self-driving, and cloud services, as well as transactional services like ride-hailing and e-commerce. Yandex recognizes the market uncertainties and competitive pressures affecting its operations and has stated that these strategic evaluations are in the early stages, with no guarantees of a successful transaction.
Yandex N.V. announced the immediate resignation of Tigran Khudaverdyan as Executive Director and Deputy CEO due to EU sanctions. His departure was unexpected, with Chairman John Boynton expressing regret over the situation. Yandex's management remains strong, with Elena Bunina continuing as General Director until April 15. Notably, neither Yandex N.V. nor its subsidiaries have been sanctioned in the US, EU, or UK. The company, a leading technology firm, focuses on machine learning and offers various services, including search and cloud computing.
Yandex N.V. announced an update regarding its $1.25 billion 0.75% convertible notes due 2025. Following a suspension of trading of its Class A shares on Nasdaq, the holders of these notes can require Yandex to redeem them at par plus accrued interest. An ad hoc committee representing approximately 72% of the outstanding principal amount has been formed to facilitate discussions with Yandex, with financial and legal advisors appointed. Yandex is actively engaging with this group to seek a sustainable resolution.
Yandex (NASDAQ:YNDX) announced the resignation of board members Esther Dyson and Ilya Strebulaev, effective immediately. Ms. Dyson, an independent non-executive director since 2006, and Professor Strebulaev, a board member since 2018, have left during challenging times for the company. Their contributions have been acknowledged by Chairman John Boynton, who stated that the remaining board members will continue to support the management team. The board positions will remain vacant for now, with a focus on safeguarding the interests of shareholders and stakeholders.
Yandex (NASDAQ:YNDX) has updated investors on the impacts of geopolitical tensions, specifically regarding sanctions from the U.S., U.K., and EU. Although none of Yandex or its subsidiaries are directly targeted, the company faces potential supply issues and operational challenges as suppliers suspend services to Russia. As of February 28, 2022, Yandex held approximately $615 million in cash and cash equivalents. Concerns remain about the company's ability to redeem its $1.25 billion Convertible Notes if trading suspensions persist. Yandex continues to operate its services while preparing for potential financial impacts.
Yandex (NASDAQ: YNDX) reported its Q4 and FY 2021 financial results, highlighting a 54% increase in total revenues to RUB 110.3 billion, driven by a strong performance in online advertising, which surged by 26%. However, adjusted EBITDA fell by 29% year-over-year. Despite these challenges, the company anticipates total group revenues between RUB 490 billion to RUB 500 billion for 2022, with optimism regarding mid-to-high teens growth in ruble-based revenue in the Search & Portal segment. The e-commerce sector, including Yandex Market, experienced a 192% GMV increase.
Yandex (NASDAQ: YNDX) announced it will report its financial results for the fourth quarter and full year ended December 31, 2021, on February 15, 2022. The conference call and webcast will take place at 8:00 a.m. U.S. Eastern Time (4:00 p.m. Moscow time, 1:00 p.m. London time). Management will discuss the financial results in detail during this event.
Shareholders can access the live call and a replay on the Yandex Investor Relations website.
Yandex (NASDAQ:YNDX), a leading Russian internet company, has settled antitrust claims with the Federal Antimonopoly Service of Russia (FAS). The settlement concludes allegations of market dominance abuse related to enriched search results. Yandex has complied with previous FAS warnings without facing fines and has agreed to enhance competition by integrating third-party information into search results. Additionally, Yandex will contribute RUB 1.5 billion to support a joint program for Russian tech firms. This settlement marks a significant step in addressing regulatory concerns.
Yandex (NASDAQ: YNDX) announced the completion of its restructuring involving the acquisition of Uber's stake in MLU B.V. This restructuring occurred in two stages, with Yandex acquiring Uber's 18.2% interest in the Self Driving Group and a 4.5% stake in MLU in September 2021, followed by interests in Yandex.Eats, Yandex.Lavka, and Yandex.Delivery on December 21, 2021. Yandex now holds 100% of its Self-Driving Group and the mentioned delivery services, with a total transaction value of $1.0 billion, including a two-year option to buy the remaining 29% of MLU at a potential value of $2.0 billion.
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