Yandex Announces Third Quarter 2013 Financial Results

MOSCOW and THE HAGUE, Netherlands, Oct. 24, 2013 (GLOBE NEWSWIRE) -- Yandex (Nasdaq:YNDX), one of Europe's largest internet companies and the leading search provider in Russia, today announced its unaudited financial results for the third quarter ended September 30, 2013.

Q3 2013 Financial Highlights
  • Revenues of RUR 10.2 billion ($315.9 million 1), up 40% compared with Q3 2012, and up 43% compared with Q3 2012, excluding the impact of Yandex.Money
  • Ex-TAC revenues 2 (excluding traffic acquisition costs) up 32% compared with Q3 2012, and up 35% compared with Q3 2012, excluding the impact of Yandex.Money
  • Income from operations of RUR 3.2 billion ($100.3 million), up 28% compared with Q3 2012
  • Adjusted EBITDA 2 of RUR 4.4 billion ($136.4 million), up 28% compared with Q3 2012
  • Operating margin of 31.8%
  • Adjusted EBITDA margin 2 of 43.2%
  • Adjusted ex-TAC EBITDA margin 2 of 55.4%
  • Net income of RUR 5.0 billion ($153.6 million), up 117% compared with Q3 2012
  • Adjusted net income 2 of RUR 3.2 billion ($97.5 million), up 41% compared with Q3 2012
  • Net income margin of 48.6%
  • Adjusted net income margin 2 of 30.9%
  • Adjusted ex-TAC net income margin 2 of 39.6%
  • Cash, deposits and investments in debt securities of RUR 31.8 billion ($982.2 million) as of September 30, 2013

"Yandex delivered strong results in the third quarter of 2013, with text-based advertising revenues growing 43% year-over-year," said Arkady Volozh, Chief Executive Officer of Yandex. "Our partnership with Mail.ru on the paid search side is off to a very strong start, helping lift the revenue growth rate in our ad network to 82% year-over-year. A few weeks ago, we unveiled a new Cost Per Action model for merchants on Yandex.Market, which will allow consumers to complete their purchases on our site. And I am very pleased that our users can now search with Yandex directly in Safari, both on mobile and on the desktop."

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