Yandex NV, YNDX:NSQ summary
Russian search giant Yandex bucked investor concerns over a Kremlin-backed plan to reduce foreign shareholders’ stake in the company and grew revenue 38 per cent year-on-year in the third quarter of 2019 to Rbs45bn ($704m). Chief Executive Arkady Volozh said on Friday’s call that the initial version of a draft law aimed at limiting foreign shareholding in Russian IT firms was “very damaging”, saying the company was in discussions with the government over the proposals. Realnoe Vremya is an online newspaper, providing business news and sectoral http://stylushardware.com/index.php/2019/10/01/stellar/ analytics, up-to-date information about the development of economy and technology in Tatarstan, Russia and the whole world. The deal doesn’t have configuration, but different options are discussed – from an addition issue to purchase of shares from the market to sale of part of shares by majority shareholders,” The Bell said with a link to two sources familiar with the bank’s management and the gist of the offer. The Netherlands-based company has headquarters offices in Moscow that it recently purchased in a cost-saving move.
The U.S.-traded shares are up about 2% today to $15.98, and are up 1.6% so far this year. But the stock is down more than 10% over 12 months. Goldman increased its price target to $19.90 from $15.50.
Chief Executive Arkady Volozh, who holds 48.41% of the voting rights in the company, holds a number of passports, including a Russian one. Yandex.Drive, the company’s car-sharing service, also contributed strong growth, becoming the world’s second-largest car-sharing service, according to Volozh.
Yandex.Taxi works with partners who are authorized to provide transportation services. Depending on a country’s laws, these can be taxi companies, taxi stations, licensed carriers, individual entrepreneurs, or other legal entities who have appropriate permissions.
Lithuanian authorities didn’t impose restrictions on the service, and Yandex.Taxi works without any restrictions in the capital city of Vilnius. Despite the ban, Ukrainians still use the service via VPN.
It was also presupposed on a wave of messages about the possible deal between the state bank and the IT company that the situation with Sberbank and Yandex is one of the elements of a big picture called ”construction of controlled venture economy in Russia”. However, the expert considered ”it was a bombastic statement”. ”If http://www.osctwente.nl/2019/10/01/aud-nzd/ I am not mistaken, when VTB bought Magnit, the reaction was similar. The market dislikes when big state companies purchase a private business, consequently, its reaction isn’t very good. When individual entrepreneurs manage a company, it grows and develops better than in the case when big bureaucratic corporations go there.
Yandex N.V., an Internet and technology company, operates an Internet search engine in Russia and internationally. The company offers search, location-based, http://www.steelwood.at/ripple-vikipedija/ personalized, and mobile services that enable users to find information, and communicate and connect over the Internet from desktops and mobile devices.
One of Yandex founders Arkady Volozh announced changes in the company’s ownership equity on 22 October. It should be reminded that last week Yandex cheapened by $2bn after the news about Sberbank’s purchase of the Russian IT giant’s shares. Realnoe Vremya studied the statement of Volozh and turned to famous Russian venture capitalist Aleksandr Rumyantsev who told about the reason of the investors’ overreaction to the news about the IT company’s deal with the state bank, analogous cases in the Russian market and whether Yandex benefited from this deal or not if it was real. tal segment offers a range of services in Russia, Ukraine, Belarus and Kazakhstan, among which are search, location-based, personalized and mobile services, that enable the Company’s users to find relevant and objective information to communicate and connect over the Internet, from both their desktops and mobile devices. The Company’s search engine offers access to a range of information available online.
- Taxi service was launched on a trial status in August 2018 in the university town of Innopolis in western Russia’s Republic of Tatarstan.
- Those who successfully complete the training program get a higher rating, which is an advantage for receiving orders.
- ”Assumptions about possible changes in the ownership equity of Yandex appeared in the press.
- That would ensure that voting control of Yandex remains centered in Russia, while limiting any dilutive effect on existing shareholders.
- The Netherlands-based company has headquarters offices in Moscow that it recently purchased in a cost-saving move.
Share chart Chart
dropped for a 16% loss on Friday, after Russian news reported that the Kremlin is backing an effort to limit foreign ownership of marquee local tech firms to just 20%. Yevgeny Mironyuk, market analyst at Freedom Finance, said the share price fall could also be linked to a possible leak of customer data from Yandex.Money, the company’s electronic payments arm. Russian internet giant Yandex is launching a video streaming service aimed at rivalling Google’s YouTube that will allow users to publish videos on its personal recommendation platform Yandex Zen, the company said on Friday. As part of the North American International Auto Show in Detroit, to take place from June 6-21, Yandex will provide a driverless taxi service in the city’s business center. The company’s shares recovered about $1bn this week after Russia’s government suggested easing the requirement to 50 per cent minus one share of voting rights — criteria Yandex already meets.
That would ensure that voting control of Yandex remains centered in Russia, while limiting any dilutive effect on existing shareholders. Yandex, a poster-child for the Russian tech industry, is heavily exposed to foreign ownership restrictions since the majority of its shares are traded on Nasdaq. Shares in Russian tech giant Yandex have plummeted after reports the Kremlin is backing plans to limit the stakes of foreign owners in Russian IT companies.
Why Yandex Stock Popped 5% This Morning
But according to the company’s policy, it doesn’t comment on rumours,” the press release says. ”The Board of Directors and its related committees constantly consider issues on the company’s capital structure within a usual work process. Shares of Russian internet search company Yandex (YNDX) could rise 24% Goldman Sachs said in upgrading the stock to Buy. The company is working on a driver fatigue control system to decrease the number of road accidents caused by human factors. Yandex.Taxi is the only online car booking service with a system like this so far.
But it’s even worse than that. According to one Russian news website, persons close to Putin are actively lobbying in support of the law, which had previously been opposed by the Russian Ministry of Communications, which can now be expected to be issued new marching orders. Yandex shares fell by 17% in the first minutes of trading on the Nasdaq exchange in New York on Friday, wiping more than $1 billion from the company’s value. Shares were trading below $30 Friday afternoon, after closing Thursday’s session north of $35. The Yandex app is called Sloy, the Russian word for layer, the company said in a statement.
Forex NewsPosted in 0 comments