UPDATE 1-Russia's Mail.Ru sees display ad slowdown
* Reiterates 40 pct revenue growth guidance for FY 2012
* Q3 revenue up 36.5 percent
* Sells down its stake in Facebook
MOSCOW, Oct 25 (Reuters) - Russian internet group Mail.Ru said it is seeing a deterioration in the display advertising market, but still expects to meet its full-year revenue target which calls for growth of 40 percent.
Last month, Mail.Ru raised its full-year 2012 revenue guidance to 40 percent from 35 percent and said it expects a margin on the basis of earnings before interest, taxation, depreciation and amortisation in the low-50s.
Mail.ru said in a trading update on Thursday that in the late third quarter and early fourth quarter it saw a deterioration in the display advertising market.
However, the company said the diversity of its revenue base meant that it still expects to generate full year revenue growth of 40 percent.
Third-quarter segment revenue grew 36.5 percent to 4.96 billion roubles ($158 million), it said.
Mail.Ru also said it had sold 16 million Facebook shares this month, without providing the price of the deal. Based on the last closing price, the stake would have been worth around $370 million.
It earlier sold a more than $700 million stake in Facebook as part of the initial public offering of the social networking site in May and paid a special dividend to shareholders.
Mail.Ru now has a 0.75 percent stake in Facebook, as well as 4.12 percent of shares in daily deal website Groupon and 1.17 percent in game maker Zynga.
- White House reverses, says Obama met uncle and lived with him during law school
- South Africans, some fearful, wake to life without Mandela |
- U.S. television, Twitter, alive with new version of 'Sound of Music'
- Ford leans on global Mustang to burnish overseas image
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image