Yandex Search In Russia Beats Wall Street Q3 Views
Tue, Oct 30 2012 00:By KEVIN SHALVEY
Posted 02:20 PM ET
news.investors.com
Russian search company Yandex ( YNDX) on Tuesday reported a better-than-expected 45% increase in sales in Q3, as it continues to dominate the local search market.
Yandex sales increased to $235.2 million from $161.9 million a year ago.
Per-share profit, excluding items, increased 50% to 21 cents from 14 cents.
Wall Street had modeled 20 cents on $230.5 million, according to Thomson Reuters.
Yandex has to compete against search giant Google ( GOOG) in Russia, unlike, say, Baidu ( BIDU) in China. At least one report says Yandex's name, which sounds similar to an Apple ( AAPL) "i" product, has helped it capture a majority of the local market.
In Q3, Yandex launched its own browser, "a milestone for the company," CEO Arkady Volozh said in a statement. Search queries were up 31% from a year ago.
"I am pleased with the performance of our search product over the past few months as we maintained 60%+ market share in Russia," Volozh said. |
