Yandex Q3 Profit Down, Narrows FY Revenue Guidance

(RTTNews) - Russian Search-engine operator Yandex NV (YNDX) reported a 12 percent decline in third-quarter net profit amid higher operating costs, product development costs as well as increase in provision for income taxes. Revenues were up by 28 percent.

The company once again raised the lower end of its annual revenue growth guidance in rubles and now expects 27 to 30 percent growth. It previously expected revenue growth of 25 to 30 percent.

Net profit declined to 4.372 billion Russian rubles or $111 million from 4.967 billion Russian rubles last year. Earnings per class A and Class b share declined to 13.49 rubles or $0.34 from 14.88 rubles a year earlier.

Excluding certain items, the company recorded a profit of 3.91 billion rubles or $99.4 million. Adjusted profit was 3.15 billion rubles a year ago.

Yandex's revenues grew 28 percent to 13.06 billion rubles or $331.5 million from 10.22 billion rubles in the previous year.