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Yandex (NASDAQ and MOEX: YNDX) has announced its acquisition of Acropol Bank for approx. RUB 1.1 billion (about $14.7 million) to secure a universal banking license. This acquisition is crucial for expanding Yandex's FinTech vertical and launching digital finance services.
Acropol Bank's assets are predominantly liquid, comprising cash and government bonds, with no offline branches. The transaction awaits approval from the Central Bank of Russia, for which Yandex applied on April 28, 2021.
Yandex (NASDAQ:YNDX) released its unaudited financial results for Q1 2021, reporting a 39% increase in total revenues to RUB 73.1 billion, driven by a 12% growth in online ad revenues and a significant 186% rise in total e-commerce GMV. However, the company incurred a net loss of RUB 4.3 billion, reflecting a 43% decline in adjusted net income. Notably, the share of the Russian search market grew to 60%. Yandex increased its revenue outlook for 2021 to RUB 315-330 billion, projecting high-teens growth for its Search & Portal segment, despite potential impacts from the ongoing pandemic.
Yandex (NASDAQ: YNDX) has announced it will report its financial results for the first quarter of 2021 on April 28, 2021. The announcement includes a conference call and webcast scheduled for 8:00 a.m. U.S. Eastern Time to discuss these results. This update emphasizes Yandex's commitment to transparency and engagement with investors as the company continues to navigate the competitive landscape of technology and online services.
Yandex (NASDAQ:YNDX) announced the departure of Greg Abovsky, CFO and COO, effective April 30, to pursue new opportunities. Vadim Marchuk has been appointed as acting CFO, with COO duties being shared among the management team. The company states this change will not impact its strategic direction or 2021 performance targets. Abovsky's contributions to transforming Yandex into a diversified digital ecosystem were acknowledged, and Marchuk, who joined Yandex in 2016, brings extensive experience in corporate development.
Yandex (NASDAQ: YNDX) reported strong Q4 2020 results, with revenues of RUB 71.6 billion ($969.2 million), a 39% increase year-over-year. Net income rose to RUB 0.4 billion ($5.4 million), up 43%. Adjusted net income stood at RUB 6.3 billion ($85.4 million), achieving an 8.8% margin. For FY 2020, revenues reached RUB 218.3 billion ($2,955.6 million), growing 24%. However, adjusted net income declined 11% to RUB 21.0 billion ($284.5 million). Yandex expanded its search market share to 59.7% and saw a 127% increase in e-commerce GMV in Q4. Despite pandemic challenges, key segments showed resilience.
Yandex (NASDAQ:YNDX) will report its financial results for Q4 and the full year ending December 31, 2020, on February 16, 2021. Management will hold a conference call at 8:00 a.m. U.S. Eastern Time to discuss the outcomes. Investors can access the webcast or dial in for live participation. The company has been a prominent player in the technology space since 1997, providing various intelligent services powered by machine learning.
Yandex (NASDAQ: YNDX) held its 2020 Annual General Meeting of Shareholders on October 29, 2020, where all proposed resolutions were approved. The AGM featured the reappointment of Arkady Volozh as an executive Board member for four years and Mikhail Parakhin as a non-executive member for one year. The meeting confirmed the approval of the 2020 statutory accounts with 586,699,774 votes for, and other proposals including share cancellations and auditor appointments received strong backing. Notably, new measures empowering the Board to issue new Class A shares were also approved.
Yandex (NASDAQ: YNDX) reported robust Q3 2020 results, with revenues soaring 30% to RUB 58.3 billion ($732.1 million) and net income skyrocketing 356% to RUB 21.9 billion ($275.0 million). This performance was fueled by significant recovery in online advertising and ride-hailing services, despite a challenging pandemic environment. The consolidation of Yandex.Market bolstered revenues, while adjustments revealed declines in net income margin on a like-for-like basis. Yandex's cash position remains strong at RUB 251.9 billion ($3.2 billion), supporting future growth initiatives.
Yandex N.V. (YNDX) has officially terminated its discussions regarding a potential acquisition of TCS Group Holding PLC (Tinkoff), initially announced on September 22, 2020. The company expressed appreciation for Tinkoff's efforts but could not reach definitive terms with its core shareholders. Following this decision, Yandex confirmed that it does not intend to make an offer for Tinkoff. Additionally, Yandex is restricted under Rule 2.8 of the City Code on Takeovers and Mergers for the next six months, unless certain conditions arise.
Yandex (NASDAQ:YNDX) is set to report its third-quarter 2020 financial results on October 28, 2020, at 8:00 a.m. U.S. Eastern Time. The conference call will provide an overview and discussion of the results, with the option for investors to join via webcast or dial-in. Yandex, a tech company specializing in intelligent products powered by machine learning, continues to enhance its services across the globe. Investors can expect additional insights and financial data during the call.
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