Russia's Yandex internet major US GAAP net profit doubles y/y in Q3. [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Russia's internet company Yandex (an anchor service: Runet's largest search engine) had its US GAAP net profit soar by 117% y/y to RUB 4.967bn (USD 155.7bn) in Q3/13. Net profit by a large margin exceeded the expectations of RUB 3bn by analysts surveyed by Prime.
Adjusted net profit including earnings from subsidiaries went up by 41% y/y to RUB 3.2bn. Revenues in Q3/13 increased by 40% y/y to RUB 10.22bn, adjusted EBITDA went up by 28% y/y to RUB 4.4bn.
Head of the company Arkady Volozh commented that profit increase in the reporting quarter is to be attributed mostly to contextual advertising. Notably, recent partnerships with sites that include another internet major Mail.ru yielded 82% more in advertising revenues y/y.
At the same time, Yandex improved its revenues forecast for 2013, announcing that it expects revenue growth at the upper band of the current 34%-38% forecast range (increased already from previous 30%-35%).
Company had its US GAAP net profit went up by 42% y/y to RUB 8.22bn (USD 267mn) in 2012. To compare, in 2011 Yandex increased its net US GAAP profit by 51% y/y to RUB 5.8bn. Company's revenues in 2012 grew by 44% y/y to RUB 28.76bn. According to LiveInternet Yandex's share in Russia's internet search market amounts to about 61.5%, while Google's share is 26%.
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