Russia's Yandex says Q1 adj. net income down 43% y/y, upgrades 2021 revenue outlook

MOSCOW, April 28 (Reuters) - Russian internet giant Yandex on Wednesday reported a 43% drop in first-quarter adjusted net income compared with last year but raised its 2021 group revenue forecast to between 315 and 330 billion roubles ($4.2-4.4 billion).

Yandex, which plans to spend $400-500 million on an e-commerce drive this year to tap into surging demand for online services during the pandemic, had previously expected 2021 revenue to reach 305-320 billion roubles.

Adjusted net income stood at 2.2 billion roubles, while first-quarter revenue, now including its Yandex.Market e-commerce venture, stood at 73.1 billion roubles, up 39% year-on-year.

$1 = 74.8075 roubles Reporting by Anna Rzhevkina and Alexander Marrow, editing by Louise Heavens