Yandex (YNDX) closed up 8% at a new all-time high yesterday after the company reported better than expected fourth quarter results.
Yandex is the leading search engine in Russia. Market share of the Russian search market, including mobile, averaged 56.5% in Q4 2017, compared with 54.9% in Q3 2017, and reached 56.7% in December 2017, according to Yandex.Radar. Paid clicks grew 10% while average cost per click grew 9%.
Fourth quarter adjusted net income rose 62% to $91 million or 5.2 billion rubles while revenue excluding traffic acquisition costs grew 26% to $484 million or 27.9 billion rubles. Both figures were better than expected.
On February 7, 2018, Yandex completed the merger of its ride-sharing business Yandex.Taxi with Uber in Russia and neighbouring countries.
The company guided for ruble-based revenue to grow in the range of 25% to 30% in the full year 2018 compared with 2017. This outlook implies consolidation of Yandex.Taxi with Uber's operations in Russia and neighboring countries starting from February 7, 2018, but excludes the effect of potential deconsolidation of Yandex.Market. The company expects Search and Portal ruble-based revenue to grow in the range of 18% to 20% in the full year 2018 compared with 2017.
Yandex has a market cap of just under $14 billion.