Yandex Q2 Profit Rises; Raises FY13 Revenue Guidance

(RTTNews) - Yandex (YNDX) reported that its second-quarter net income rose to 2.91 billion Russian Rubles or $89.1 million, from 1.98 billion Rubles in the year ago quarter. On a per share basis, net income rose to 8.70 Rubles, from 5.92 Rubles last year.

Adjusted net income for the quarter was 3.1 billion Rubles or $93.5 million, a 48% increase from last year.

Revenues for the quarter grew 35% to 9.2 billion Rubles or $281.2 million, from last year's 6.80 billion Rubles. Ex-TAC revenues ,excluding traffic acquisition costs, up 37% compared with the second-quarter of 2012.

The company said it raising its revenue guidance for the full-year 2013, and it now expects year-on-year ruble-based revenue growth of 34-38%. While announcing the first-quarter result, the company had expected year-on-year ruble-based revenue growth of 30-35% for the full-year 2013. The guidance is provided on a like-for-like basis, excluding the revenue associated with Yandex.Money from both 2012 and 2013 results.

Earlier today, Yandex announced the death of Co-Founder and Chief Technology Officer Ilya Segalovich.

Segalovich had been diagnosed with a treatable form of cancer and was responding well to treatment and working a full schedule, before unexpectedly succumbing to complications last night, the company said.

Ilya Segalovich co-founded Yandex more than 20 years ago. He began his career working on information retrieval technologies in 1990 at Arkadia Company, and later led the retrieval systems department for CompTek International. In 2000 Ilya Segalovich left CompTek International to become the CTO of Yandex. He also co-founded and supports Maria's Children Art Rehabilitation Center for orphans and children with special needs.