Yandex‘s (NASDAQ:YNDX) stock recently dipped after the Russian tech company posted mixed third-quarter numbers and warned of rising COVID-19 cases across the country.
Its revenue rose 30% year-over-year to 58.3 billion rubles ($732.1 million), which missed expectations by $21.8 million. On a like-for-like basis, which excludes its consolidation of Yandex.Market from both periods, its revenue rose 19% to 53.7 billion rubles ($674 million). On the bottom line, Yandex’s adjusted net income rose 11% to 7.6 billion rubles ($96 million), and its adjusted EBITDA increased 8% to 15.1 billion rubles ($189.4 million). Its GAAP earnings, which were boosted by the Yandex.Market consolidation, more than quadrupled to $0.77 per share and beat estimates by $0.65.
Yandex’s third-quarter growth looked stable, but it didn’t provide any forward guidance in light of the pandemic. It also warned the “number of new COVID-19 cases in Russia started to grow again