MOSCOW, April 25 (RIA Novosti) - Yandex, operator of Russia's leading internet search engine, posted a US GAAP net profit of 2.246 billion rubles ($72.2 million) in January-March 2013, up 79 percent on the same period last year, the company said on Thursday.
Yandex’s net financial result was above a consensus forecast of analysts polled by RIA Novosti who expected a net profit of 1.97 billion rubles.
Yandex’s first quarter 2013 revenues grew by 36 percent to 7.9 billion rubles ($257 million) while adjusted EBITDA rose by 47 percent to 3.5 billion rubles ($112.7 million).
"Yandex is off to an excellent start in 2013 with strong financial results and important product improvements," Yandex CEO Arkady Volozh was quoted as saying in a statement.
"During the quarter, we unveiled our newly redesigned homepage, updated our Yandex.Navigator and Yandex.Market mobile apps, and released a number of innovations aimed at enhancing our advertiser solutions."
Text-based advertising revenues accounted for 89 percent of the company’s total revenues in Q1 2013 and “continued to determine overall top-line performance,” the company said.
