Support The Moscow Times!

Yandex Boosts Revenue 40% on Rising Advertising Sales

Yandex, the country's biggest search engine, reported a 40 percent rise in third-quarter sales Thursday, supported by a deal with rival for search-based online advertising.

Yandex also said it expected full-year 2013 revenue growth at the high end of its previous guidance of 34 to 38 percent following strong third-quarter results.

The company, which leads the world's biggest search engine Google in Russia with a market share of about 62 percent, has benefited from a booming online advertising market, as the country has become Europe's largest internet market by audience.

An increase in the number of advertisers also helped push its third-quarter revenue up 40 percent compared with a year ago to 10.2 billion rubles ($321.2 million).

Net profit rose 117 percent, year on year, to 5 billion rubles, boosted by a gain from the deconsolidation of the online payment service Yandex.Money following the sale of a 75 percent stake to Sberbank in July.

Adjusted for that gain, net profit was up 41 percent at 3.2 billion rubles, Yandex said, compared with the average analyst estimate of 2.9 billion rubles, according to Thomson Reuters I/B/E/S.

Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) grew 28 percent to 4.4 billion rubles, in line with forecasts.

Yandex raised $1.4 billion in an oversubscribed initial public offering in New York in May 2011 that was priced at $25 per share. The shares closed at $41 Wednesday.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.


Read more