As of this writing, shares of Pfizer (PFE) were down 0.23% to $34.51 per share, while Yandex (YNDX) stock was down 0.59% to $20.15 per share at the NASDAQ

Pfizer and Yandex released the earnings results from their most recently completed quarters before opening bell this morning. Pfizer posted adjusted earnings of 51 cents per share on revenue of $10.9 billion for its first quarter. Analysts had been expecting earnings of 49 cents per share on $10.8 billion in revenue. In the

Yandex reported RUR6.8 per share on RUR12.29 billion ($211.1 million) in revenue, a 13% year over year increase. Analysts had been expecting earnings of RUR6.18 on RUR12.9 billion in revenue.

Key metrics from Pfizer’s earnings report

Pfizer’s reported earnings were 38 cents per share. Both of the drug maker’s adjusted and reported earnings include a 3-cent per share negative impact from an up-front payment made to OPKO Health.

Pfizer’s Established products division saw revenues decline 16% and 10% operationally from last year to $5.014 billion. The drug maker’s Innovative Products division recorded a 9% increase in revenue, which rose to $5.738 billion for the quarter.

Management cut guidance for this year, pushing their revenue projection from $44.5 billion to $46.5 billion to between $44 billion and $46 billion for the full year. They also cut their reported earnings per share, bringing it from $1.37 to $1.52 per share down to $1.32 to $1.47 per share. Their adjusted earnings projection moves from $2 to $2.10 per share to $1.95 to $2.05 per share.

Key metrics from Yandex’s earnings report

Excluding traffic acquisition costs, Yandex’s revenues increased 16% from last year. The Russian search giant reported RUR1.5 billion ($25.5 million) in income from operations, a 45% year over year decline. Adjusted EBITDA was RUR3.6 billion ($61.1 million), a 12% decline from last year. Operating margin was 12%, while adjusted EBITDA margin was 28.9%.

Yandex reported that its share of the Russian search market averaged 58.6% during the quarter. Search queries in Russia increased 3% year over year, and the number of advertisers increased 14% to 323,000. Text-based ad revenues increased 14%, making up 93% of total revenues. Text-based ad revenues from Yandex websites increased 14% also, while text-based ad revenues from the company’s ad network increased 13%.

Paid clicks rose 12%, and average cost per click increased 2% year over year. Display ad revenues declined 16% due to the weak macroeconomic environment.