Shares of Yandex rose 9% after reporting quarterly reporting

Shares of “Yandex” has grown by more than 9%, after posting quarterly reports of the company. As of 18:54 GMT, the company’s securities traded on the new York stock exchange, Nasdaq, grew by 9.23%.

Value per share is $of 20.24. When opened it was $to 19.55, and at its peak reached $of 20.29. The market capitalization of the service is estimated at $7,92 billion.

According to statements of “Yandex”, in the first quarter, the company lost about 1.3 billion rubles in connection with the strengthening of the ruble against the dollar. The net profit has decreased almost twice in comparison with the first quarter of 2015 from 2.1 billion to 1.1 billion rubles.

In “Yandex” noted that the effect of currency fluctuations is a “paper” factor. More correct to assess the condition of the business is the measure “adjusted net profits” (Adjusted net income), purified from the monetary factor, said the press Secretary of the service Asya Melkumova. It look of financial analysts, she said.

Adjusted net income in the first quarter grew by 41% to RUB 3.2 billion For this indicator, “Yandex” returned to a positive trend: in the past year, the quarterly adjusted net income decreased in the range of 8-16%. The last time the indicator grew in the fourth quarter of 2014. The company’s consolidated revenues in the first quarter of 2016, grew by 34% to RUB 16.5 billion Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 62% to 5.8 bln rubles, EBITDA Margin was 35%.

Financial results of “Yandex” for the first quarter was above expectations, noted in their reports to customers, analysts Citi, Goldman Sachs, VTB Capital”. The revenue of the Internet company should grow by 21%, predicted Citi and the consensus forecast of Bloomberg — 24%. Citi analysts had expected growth EBITDA margin level of 33.6% in the consensus forecast appeared to 30.3%.

In addition, “Yandex” has increased its own projections for revenue growth in 2016 from 12 to 18 to 15 to 19%, said co-founder and head of the group of companies “Yandex” Arkady Volozh.