MOSCOW Feb 20 Russia's biggest search engine
Yandex said on Thursday it expected revenues to grow by
25-30 percent this year, slower than in 2013.
Russia became Europe's largest Internet market in 2011 after
several years of rapid broadband development, but growth in many
online businesses such as Internet advertising has since slowed.
For the full-year, Yandex, which is ahead of the world's
biggest search engine Google in Russia with a market
share of over 60 percent, reported revenues up 39 percent.
The figures and the revenue estimate exclude online payment
service Yandex.Money, in which it sold a 75 percent stake to
Russian bank Sberbank last year.
The bulk of Yandex's revenues comes from text-based
advertising on Yandex websites with a small proportion coming
from display advertising. For the year, total revenues rose 37
percent to 39.5 billion roubles, or up 39 percent when excluding
Full-year net income was 13.5 billion roubles ($378.09
million), up 64 percent year-on-year.
Russian online social network, email and gaming company
Mail.Ru also on Thursday forecast slowing revenues. [ID
Yandex struck a deal with Mail.Ru last year under which
Yandex shares advertising profits with Mail.Ru in exchange for
giving Yandex's advertisers access to Mail.Ru's users.