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Yandex Trades Higher After Q2 Earnings Beat

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Yandex (NASDAQ: YNDX) reported second-quarter earnings per share at 17 cents and sales at $656.3 million, which beat the $639.45 million estimate up 40% compared with second quarter 2018.

The company reported adjusted net income of $92.3 million, which is up 16% compared with last year’s second-quarter results. Yandex reported net income of $54.2 million, down 90% compared with compared with second quarter 2018.

"We have delivered consolidated revenue growth of more than 40% year-on-year for the fifth straight quarter," said CEO Arkady Volozh. "Thanks to our focus on sustainable, long-term investments, we have built a strong ecosystem that is continuing to play a key role in the rapid growth of both our existing and new businesses. As a result, non-core businesses contributed one-third of consolidated revenues in Q2. Our advanced capabilities in machine learning are helping to deliver exciting results in self-driving."

Yandex shares were trading up 4.1% at $40 in Friday’s pre-market session. The stock has a 52-week high of $41.02 and a 52-week low of $24.90.

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