Advertisement

Russia's Yandex brightens 2014 revenue outlook

MOSCOW (Reuters) - Russia's biggest search engine Yandex said on Thursday it expected revenues to rise by 27 to 30 percent this year, compared to its previous forecast for 25-30 percent growth.

The company's third-quarter revenues increased 28 percent, year-on-year, to 13.1 billion roubles ($314.5 million), it said in a statement.

Net profit came in at 4.4 billion roubles, including a 1.4 billion rouble net foreign exchange gain. That was down 12 percent from a year ago when Yandex recognized a 2 billion rouble gain after the sale of a 75 percent stake in Yandex.Money to Sberbank .

When adjusted for both one-off gains, its net profit rose 24 percent to 3.9 billion roubles, while adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) grew 34 percent to 5.9 billion roubles, Yandex said.

The company, which is ahead of the world's biggest search engine Google in Russia with a market share of more than 60 percent, had 43.8 billion roubles in cash, cash equivalents and deposits at the end of September.

(1 US dollar = 41.6545 Russian rouble)

(Reporting by Maria Kiselyova; Editing by Katya Golubkova and Elizabeth Piper)