Nebius Group N.V. Q2 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Yandex navigated a highly challenging COVID-19 environment yet delivered stronger-than-expected profitability and maintained positive adjusted net income.
  • Over ₽1.5 billion was allocated to COVID-related support programs for users, drivers, couriers, small and medium businesses, and educators.
  • Key business units showed strong recovery trends by June and July, with Search, Advertising, Ride-Hailing, and E-commerce units rebounding faster than anticipated.
  • Yandex completed the restructuring of its joint ventures with Sberbank, becoming the controlling shareholder of Yandex.Market and exiting Yandex.Money. This unlocks new strategic freedom in e-commerce and financial services.

Search & Portal

  • Revenue declined 12.5% year-over-year (8.8% ex-TAC) due to April lockdowns but recovered from a 17% decline in April to flat in June and mid-single-digit growth in July.
  • Strong search query growth: up 29% year-over-year, driven by mobile and desktop.
  • Market share reached record levels: 58.5% on Android in June (up 260 bps from March and 600 bps from June 2019) and 59.6% overall (up 170 bps year-over-year).
  • Zen saw rising engagement: 16.8 million daily active users in June. Video now accounts for 15% of time spent (up from low single digits last year).
  • Zen revenue run-rate expected to exceed ₽8 billion in July, slightly above March’s ₽7.9 billion.

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Operator: The 28th of July, 2020. We'd now like to hand the call over to your first speaker today Yulia Gerasimova, Investor Relations Director. Please go ahead. Yulia Gerasimova: Hello everyone, and welcome to Yandex Second Quarter 2020 Earnings Call. We do think that our earnings released earlier today, we can find its copy on our IR website as well as on 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 Founder and Chief Executive Officer; Vadim Marchuk, our VP of Corporate Development; and Yevgeny Senderov, Chief Financial Officer of Yandex.Taxi will be available on the Q&A session. The call will be recorded. The recording will be available on the IR website in a 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. The various remarks that we make during this call about our future expectations, plans and prospects constitute forward-looking statements. Our actual results may differ materially from those indicated or suggested by the forward-looking statements. As a result of various important factors, including the impact of the ongoing COVID-19 pandemic as well as those discussed in the risk factors section of our Annual Report on Form 20-F dated April, 2, 20

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