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UPDATE 1-Russia's Yandex sees 2014 revenues slowing on last year
February 20, 2014 / 12:05 PM / 4 years ago

UPDATE 1-Russia's Yandex sees 2014 revenues slowing on last year

MOSCOW, Feb 20 (Reuters) - 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 Yandex.Money.

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 nL6N0LP0QK]

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.

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