Yandex Q1 Net Profit Up 53% to $42 Mln

Yandex, operator of the leading internet search engine in Russia, saw its first-quarter 2012 net profit jump 53 percent year-on-year to 1.258 billion rubles ($42 million) to US GAAP, the firm said on Thursday.

The company’s net profit was below a consensus forecast of analysts polled by RIA Novosti who expected its Q1 net profit at 1.4 billion rubles.

The company’s revenues increased by 51 percent to 5.874 billion rubles and its operating income grew by 23 percent to 1.559 billion rubles.

The company’s EBITDA increased by 38 percent to 2.377 billion rubles.

In the first quarter of 2012, Yandex held 59.4 percent of the Russian Internet market compared with 60.8 percent in the fourth quarter of 2011 and 64.8 percent in the first quarter of 2011.

Yandex head Arkady Volozh has said the fall in the company’s market share is not critical.

“We believe our niche is something between 50 percent and 70 percent. Our business model does not change from this.”


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