Russian online search and advertising juggernaut Yandex this morning reported solid quarterly earnings, showing off increases in both revenues and net income, compared to 2010.
The company, which raised over $1.4 billion in a NASDAQ IPO earlier this year, reported revenues of RUR 5.2 billion ($161.9 million), up 65 percent compared with Q3 2010.
Net income jumped 93 percent to RUR 1.7 billion ($53.5 million) compared to the third quarter of 2010, beating forecasts.
According to LiveInternet data, Yandex’s share of the Russian search market averaged 62.7 percent in Q3 2011, trumping Google by a margin. The company also reports that its number of advertisers have increased by more than 48 percent compared to Q3 2010, clocking in at over 158,000.
Yandex recently acquired a social news startup called The Tweeted Times and put up half of a $30 million funding round for alternative search engine Blekko.
The company’s price per share is $25.79 before market open, giving Yandex a market cap of roughly $8.3 billion.
Yandex is an internet technologies company that operates in Russia, CIS and Turkey. It is the largest Russian and fourth-largest world internet search engine. Yandex is an acronym for the phrase Yet Another Indexer. As of March 2013, Yandex had about 61% of the Russian search market (source: LiveInternet.ru). Yandex’s mission is to give the answer to the user anytime and anywhere. Company provides its services for desktop and mobile users and develops embedded solutions as well. The company specializes on highly-targeted...
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