* Sees revenues rising by 30-35 pct vs 28-32 pct previously
* First-quarter revenues up 36 pct year-on-year
* Net profit rises 79 pct to 2.2 bln roubles
MOSCOW, April 25 Russian internet group Yandex
on Thursday increased its full-year 2013 revenue
forecast after first-quarter sales growth topped its previous
guidance, supported by increasing Internet use and e-commerce.
Yandex, which in Russia is ahead of the world's top search
engine Google with a more than 60 percent share of the
market, sees rouble-based revenues rising by 30-35 percent this
year, up from its earlier guidance of 28-32 percent.
The company, which derives the bulk of its revenues from
text-based advertising, has recently redesigned its homepage and
updated its Yandex.Navigator and Yandex.Market mobile
applications to attract more advertisers.
Its first-quarter revenues rose 36 percent, year-on-year, to
8 billion roubles ($253.66 million), driven by 35 percent growth
in text-based advertising which accounted for 89 percent of
The company also saw a pick-up in display advertising
revenues which jumped 48 percent after a 12 percent increase in
the previous quarter.
Its net profit rose 79 percent in the first quarter to 2.2
billion roubles despite higher costs associated with investments
in growth, including personnel.
Adjusted earnings before interest, taxation, depreciation
and amortisation (EBITDA) increased 47 percent to 3.5 billion
roubles, giving a 43.8 percent margin.
Rival internet company Mail.Ru Group reported
earlier on Thursday a 29.4 percent rise in first-quarter sales
to 6.3 billion roubles. It expects full-year 2013 sales to grow
According to LiveInternet, Yandex currently has a 61.6
percent share of the Russian search market, Google has a 26
percent share and Mail.Ru has 8.8 percent.
Shares in Yandex closed at $21.45 on Wednesday, having
fallen by 11 percent in the past two months in part due to the
sale by existing shareholders of a 7.4 percent stake in March.
Yandex raised $1.4 billion in an oversubscribed initial
public offering in New York in May 2011 that was priced at $25