Russia’s Yandex search engine net profit jumps 76%

PanARMENIAN.Net - Yandex, operator of the leading internet search engine in Russia, saw its second quarter net profit skyrocket 76 percent year-on-year to 1.983 billion rubles ($61.6 million) to US GAAP, the firm said on Tuesday, July 31, RIA Novosti reported.

The company's net profit was above a consensus forecast of analysts polled by RIA Novosti of 1.827 billion rubles ($56.7 million). Yandex's revenues grew 50 percent in April-June 2012 to 6.8 billion rubles with adjusted EBITDA increasing 60 percent to 3.07 billion rubles.

"Yandex delivered 50 percent growth in the top-line and expanded profitability margins in the second quarter, driven by strong advertiser dynamics, solid search share performance and overall Russian Internet market leadership," Yandex CEO Arkady Volozh was quoted in a statement as saying.

"Along with ongoing search enhancements, we deployed important new mobile, mapping, and cloud-based services that enhance the relevance of Yandex for users and advertisers across our markets," he added.

In the second quarter of 2012, Yandex held 60.4 percent of the Russian internet market on average, compared with 59.4 percent in the first quarter of this year, according to LiveInternet portal information.