Qiwi plc (NASDAQ:QIWI) stock dropped after the company reported its fourth quarter of fiscal year 2015 (4QFY15) and fiscal year 2015 (FY15) earnings results, along with fiscal year 2016 (FY16) guidance.
The company recorded $0.21 in earnings per share (EPS), as opposed to the analyst’s $0.18 forecast. Revenue for the period clocked in at $40.27 million, which slightly beats the Street’s $39.10 million expectation. Net income came in at $13.02 million, against $11.98 million projection. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $18.43 million, as compared to the consensus $18.97 million estimate.
The payment service provider posted FY15 EPS of $1.17, which beats the $0.98 expectation. Revenue was at $168.74 million, against the analyst projection of $149.14 million. Net income came in at $68.33 million, as compared to the $60 million estimate. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $93.05 million.
Qiwi CEO, Sergey Solonin, commented: “In the fourth quarter we continued to see the pressure from both the macroeconomic slowdown in Russia resulting in weaker consumer finance market and lower demand for money remittance services due to shifting migration trends, and stricter regulation of the agents network.”
Qiwi projects FY16 revenue to be $159.3 million, which misses the analysts’ $178.92 million expectation. The company forecasts macroeconomic conditions to adversely affect Russia’s purchasing power, along with high inflation and pressurized disposable income.
At present, QIWI shares are trading down 8.43% at $11.52, as of 12:59 PM EDT. About 369,728 shares have already been traded, as compared to average daily trading volume of 386,849 shares.
Source: Bidness ETC