Yandex’s growth slows: Revenue up 44% to $947.1m, profit increases 42% to $27.3m in 2012

Yandex’s growth slows: Revenue up 44% to $947.1m, profit increases 42% to $27.3m in 2012

Russia-based Internet search and services giant Yandex has reported healthy numbers in its Q4 and full-year financial results for 2012, although its growth is slowing.

For Q4, Yandex reported revenues of RUR 8.8 billion ($290.4 million), up 37% compared with the same quarter in 2011, with profit up 27% to RUR 2.7 billion ($88.6 million).

For the whole of 2012, the NASDAQ-listed company reported revenues of RUR 28.8 billion ($947.1 million), up 44% compared with 2011, and profits of RUR 8.2 billion ($270.7 million), up 42%.

Although this is impressive growth, it does show a slowing compared with last year’s results. Year-on-year revenue growth between 2010 and 2011 was 60%, with profit growth at 46%. This year, profit growth is down 19 percentage points, but the growth in revenue is a marked slump of 24 percentage points.

2012 saw Yandex make a big push into its first non-Russian-speaking market, Turkey. It also launched its own browser, opened its own alternative Android store and expanded its Google Drive-style Yandex.Disk service.

Meanwhile, 2013 has started with Yandex’s first consumer-focused move in the USA – the launch of iOS app Wonder, which it had to withdraw following a spat with Facebook over its API usage. On a more positive note for the company, comScore data recently showed that it had overtaken Bing to become the world’s fourth-largest search engine behind Google, Baidu and Yahoo.

Image credit: Thinkstock

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