Yandex Q3 Profit Surges; Sees 2013 Revenue Growth At High End Of Prior Range

(RTTNews) - Yandex N.V. (YNDX) reported that its third-quarter net income surged to 4.97 billion Russian Rubles or $153.6 million from the previous year's 2.29 billion Rubles. The sharp growth in net income was a result of gain from the deconsolidation of Yandex.Money following the sale of a 75% stake in Yandex.Money to Sberbank on July 4, 2013.

Net income per Class A and Class B share was 14.88 Rubles or $0.46, up from 6.82 Rubles in the prior year.

Adjusted net income for the latest-quarter was 3.2 billion Rubles or $97.5 million, a 41% increase from last year.

Quarterly revenues grew about 40% to 10.22 billion Rubles or $315.9 million, from last year's 7.27 billion Rubles. Ex-TAC revenues (excluding traffic acquisition) costs up 32% compared with last year. On a like-for-like basis, excluding revenues received from Yandex.Money operations in third-quarter 2012, total revenues increased 43% compared to third-quarter of 2012.

The company expects its full-year 2013 ruble-based revenue growth to be at the high end of the previously issued guidance of 34%-38% year-on-year. The guidance is provided on a like-for-like basis, excluding the revenue associated with Yandex.Money from both 2012 and 2013 results.