Yandex N.V. - YNDX STOCK NEWS

Yandex has agreed to increase its stake in MLU B.V., its joint venture with Uber, to 61.7% by contributing its Yandex.Drive car-sharing business. This transaction will enhance synergies with Yandex's existing services, integrating Yandex.Drive into the Yandex Go app and providing additional transport options for users. Yandex.Drive, the largest free-floating car-sharing platform in Russia, has completed over 73 million rides since its inception in 2018. The deal is expected to close by the end of Q3 2020.

Yandex is set to increase its stake in Yandex Self Driving Group (Yandex SDG) to 73% and invest an additional $150 million for further development. This follows the spin-off of Yandex SDG from its joint venture with Uber. Yandex will consolidate Yandex SDG results into its financial reports. The company has developed autonomous technology since 2017, operating a fleet of 130 cars that have driven over four million autonomous miles. Yandex SDG aims to enhance autonomous mobility services in multiple global locations.

Yandex (NASDAQ: YNDX) reported its Q2 2020 financial results, showing revenues of RUB 41.4 billion ($591.9 million), unchanged from Q2 2019. However, the company faced a net loss of RUB 3.7 billion ($52.3 million), a stark contrast from the previous year's net income of RUB 3.6 billion. Adjusted net income fell by 67% to RUB 1.9 billion ($27.3 million). The advertising revenue segment decreased by 15%, driven by COVID-19 impacts, although Taxi segment revenues surged by 42%. Yandex's cash position remains strong with RUB 241.9 billion ($3.46 billion) as of June 30, 2020.

Yandex has successfully reorganized its joint ventures with Sberbank, acquiring 100% ownership of Yandex.Market and exiting the Yandex.Money venture. A cash payment of RUB 39.6 billion was made to Sberbank. Following this transition, Yandex.Market will now be fully consolidated in Yandex NV's financial results starting from the third quarter of 2020. Both companies will continue providing transition services for a limited time, ensuring that existing services for users and merchants remain uninterrupted.

Yandex (NASDAQ: YNDX) will report its financial results for Q2 2020 on July 28, 2020. A conference call will be held at 8:00 a.m. ET (3:00 p.m. Moscow, 1:00 p.m. London) to discuss the results. The call can be accessed via webcast, with dial-in options available for those who wish to ask questions. Replays of the call will be available until August 4, 2020. Yandex is a technology company that has been listed on NASDAQ since 2011 and provides various intelligent products and services powered by machine learning.

Yandex N.V. (NASDAQ: YNDX) announced the closing of a public offering of 9,340,101 Class A shares at $49.25 each, raising approximately $460 million. The offering included an additional 1,218,274 shares purchased by the underwriter. Concurrently, a private placement of 4,060,913 Class A shares was completed with three investors, bringing total proceeds from both offerings to around $1.06 billion. Goldman Sachs acted as the sole underwriter and placement agent for the offerings.

Yandex N.V. (YNDX) announced a public offering of 8,121,827 Class A shares at $49.25 each, with a potential additional 1,218,274 shares available. The offering is expected to raise about $1 billion before expenses and close on June 29, 2020. Concurrently, Yandex plans a private placement of 4,060,913 shares to three investors. Goldman Sachs is acting as the bookrunner for the public offering. Yandex’s shares are registered under a previously filed shelf registration statement.

Yandex (NASDAQ and MOEX: YNDX) has announced a conference call on June 24, 2020, at 8:00 a.m. U.S. Eastern Time to discuss its transaction and the Yandex.Market strategy. The call will provide insights on the company's future direction and is recommended to be accessed via the webcast. The replay will be available until July 1, 2020. Yandex is a leading technology company leveraging machine learning to enhance services for consumers and businesses, with a global presence and a commitment to delivering relevant search and information services.

Yandex N.V. (NASDAQ: YNDX) announced a proposed public offering of $200 million in newly issued Class A shares, with a potential additional $30 million option for underwriters. Concurrently, Yandex plans a private placement of Class A shares totaling $600 million, involving three private investors including JSC VTB Capital. Proceeds will enhance financial flexibility and support growth in e-commerce. Additionally, Yandex will acquire Sberbank's 45% stake in Yandex.Market for RUB 42 billion and sell its 25% stake in Yandex.Money for approximately RUB 2.4 billion, with expected closure in Q3 2020.