Nebius Group N.V. Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Strong performance in January–February across all segments until mid-March, when COVID-19 restrictions sharply impacted advertising and ride-hailing.
  • Significant surge in FoodTech, e-commerce, education, and media consumption driven by lockdown-related behavioral shifts.
  • Company emphasized health and safety measures and accelerated rollout of digital tools and social initiatives.

Search and Portal

  • Record market share gains: 55.9% on Android in March (up 130 bps vs December, 430 bps vs March 2019); desktop share exceeded 70% in April.
  • April search growth accelerated to 40–45% year-over-year, a sharp increase from single-digit growth at end of February.
  • Young audience (under 24) share increased 28% vs February; school-age traffic nearly doubled.
  • Mobile search accounted for 59% of traffic; mobile service revenue exceeded desktop for first time (50.4% of revenue).
  • Revenue ex‑TAC grew 14% YoY; adjusted EBITDA margin was 48.7%, up 130 bps YoY.
  • April revenue ex‑TAC declined in the high-teens due to advertising cuts and weaker CPC pricing but improved to high single-digit declines in recent days.

Zen and Media Services

  • Zen DAUs reached 14.6 million in March; exceeded 16 million in April.
  • Engagement time up 56% YoY in March; ~90% in April.

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Operator: Ladies and gentlemen, thank you for standing by, and welcome to the first quarter 2020 financial results. At this time all participants are in a listen-only mode, there would be a presentation followed by question and answer session. [Operator Instructions] I would like to also advise you the call is being recorded today, Tuesday the 28, April, 2020. I would now like to hand the conference over to the Head of Investor Relations, Yulia Gerasimova. Please go ahead. Yulia Gerasimova: Hello, everyone, and welcome to Yandex First Quarter 2020 Earnings Call. We distributed our earnings release earlier today. You can find a copy on our IR website as well as in Newswire services. On the call today we have Tigran Khudaverdyan, our Deputy Chief Executive Officer; Daniil Shuleyko, our Chief Executive Officer of Yandex.Taxi; and Greg Abovsky, our Chief Operating and Chief Financial Officer. Arkady Volozh, our Found and Chief Executive Officer; Vadim Marchuk, our VP of Corporate Development and Yevgeny Senderov, Chief Financial Officer of Yandex, Taxi will be available in the Q&A session. The call will be recorded and the recording will be available on the IR website in few hours, As usual, we prepared a few supplementary slides, which are currently available on the website. Now, I will quickly walk you through the Safe Harbor Statement. Various remarks that we make during this call about our future expectations, plans and prospects constitute Forward-Looking Statements. Our act

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