Yandex (YNDX) Stock Pops on Raised Forecast, Revenue Beat - TheStreet

NEW YORK (TheStreet) -- Yandex (YNDX) - Get Report stock is gaining by 6.98% to $15.03 in midday trading on Tuesday, after the company announced its financial results for the 2015 third quarter and raising its full-year revenue guidance. 

Russia's largest search engine raised its full-year 2015 revenue growth target to a range from 14% and 16% from the prior range of 11% to 13%.

Yandex reported earnings of 13.42 rubles per share, or 20 cents per share, for the most recent quarter, down from 13.74 rubles for the year ago period. 

Revenue gained by 18% to 15.4 billion rubles, or $242 million, compared to estimates of 14.7 billion rubles, according to Bloomberg. 

"This was an excellent quarter for the company on all fronts," said Arkady Volozh, Chief Executive Officer of Yandex. "We stabilized our search share in Russia, became the default search engine for Windows 10 in Russia, Turkey, and several other countries, and achieved a historic decision from the Russian antimonopoly service that we hope will return fair competition to the market."

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