Russian search giant Yandex’s Q2: revenue up 50% to $207.2m, net income grows to $60.4m

Russian search and Internet services company Yandex this morning published its financial results for the second quarter of 2012, reporting a 50 percent increase in revenue compared to the same period last year (to RUR 6.8 billion or $207.2 million).

Net income jumped an even more impressive 76 percent compared with Q2 2011, to 2 billion rubles (roughly $60.4 million).

Text-based advertising revenues accounted for 89% of total revenues in Q2 2012; Yandex says it now has more than 193,000 advertisers, up 34% from Q2 2011.

The Nasdaq-listed company’s share of the (growing) Russian search market averaged 60.4 percent in Q2 2012, according to LiveInternet, while search queries on its site(s) grew 30 percent compared to Q2 2011 – despite some challenges.

Since May 2010, Yandex has significantly boosted its global search index from 4 billion pages indexed to ‘tens of billions’ of pages.

The company confirmed its revenue guidance for the full year and expects year-on-year ruble-based revenue growth of 40 to 45 percent.

As of June 30, 2012, Yandex had cash and equivalents of RUR 24.3 billion (approximately $742 million).

Also read: Russia’s Yandex invests in Seedcamp to gain closer ties with European startups and pays $1m for 25% stake in geophysical data firm Seismotech