MOSCOW (Reuters) - Russian internet company Yandex raised its 2013 revenue growth forecast for the second time, on the back of its persistent leading position in the search market and rising Internet use.
The company, which in Russia is ahead of the world's top search engine Google by market share, now sees full-year revenue rising 34-38 percent, it said in a statement announcing second-quarter financial results.
The guidance revision comes as its quarterly revenue growth topped its previous guidance of 30-35 percent. In April, Yandex raised its forecast from 28-32 percent after its first-quarter sales increased by 36 percent.
Second-quarter sales grew 35 percent to 9.2 billion roubles ($284 million), driven by text-based advertising revenues which accounted for 88 percent of the total. Display advertising, the second-biggest source of revenues, gained 31 percent.
The company's net profit rose by 47 percent to 2.9 billion roubles, while adjusted earnings before interest, taxation, depreciation and amortization increased by 40 percent to 4.3 billion roubles.
Yandex, which had a 61.7 percent share of the Russian search market in the second quarter, raised $1.4 billion in an oversubscribed initial public offering in New York in 2011 and currently has a market value of $10 billion.
($1 = 32.3817 Russian roubles)
(Reporting by Maria Kiselyova; Editing by Megan Davies)
Source: http://news.yahoo.com/russias-yandex-lifts-revenue-guidance-again-111855109.html
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