Yandex warned of a quarterly loss of 4.5 billion rubles due to the COVID-19 epidemic

In the second quarter of 2020, Yandex expects a loss of 3-4.5 billion rubles against a profit of 3.4 billion rubles for the same period a year earlier. This is stated in the message of the company.

Yandex expects that quarterly revenue will be 40.6-41.8 billion rubles, for the same period in 2019 - 41.4 billion rubles).

As the company noted, revenue was affected by restrictions related to the COVID-19 epidemic, which affected Yandex's advertising revenue and the direction of carsharing. “This was partly offset by accelerated growth in food delivery and media services,” Yandex added.

For example, the quarterly revenue of Yandex.Taxi will be, as the company expects, 11.9-12.3 billion rubles compared to 8.8 billion a year earlier. Thus, annual growth in this segment of Yandex's business amounted to 37.3%.

Yandex.Taxi, in addition to the taxi itself, also includes the delivery of Yandex.Lavka products, as well as logistics services for corporate clients - these areas compensated for the slowdown in travel revenue growth, the company explained.

• For the first quarter of 2020, Yandex's revenue increased by 26% compared to the same period a year earlier and amounted to 47 billion rubles. At the same time, adjusted net profit decreased by 5% to 5.1 billion rubles.