Boston, MA 02/20/2014 (wallstreetpr) – Yandex NV (NASDAQ:YNDX) posted its fourth quarter and full year results for the period ending December 31, 2013 that saw the company register high net income for the quarter of $3.35 billion Russian rubles compared to the previous year same quarter earnings of 2.69 billion Russian rubles. Revenues for the quarter was up by 37% compared to Q4 2012 coming in at $369.3 million.
Yandex NV (NASDAQ:YNDX) income from its operations throughout the quarter was up by 26% compared to Q4 12, coming at $119.8 million with adjusted EBITDA soaring in the quarter by 21% to hit highs of $157.3 million. The company’s operating margins stands at 32.4% with adjusted EBITDA margin coming in at 42.6% and net income margin of 29.1%.
Full year results shows a 64% increase in net income which came in at $411.7 million compared to F2012 with adjusted net income stabilizing at $12. 1 billion up by 38% compared to F2012. Yandex expects sales for the year to grow by 30% during the current fiscal year as a result of growing online advertising.
Yandex NV (NASDAQ:YNDX) net income for F2013 increased by 24% tcompared to F2012 to reach highs of 3.35 billion rubles but fell short of analysts’ expectations of 3.7 billion Russian rubles. Yandex commands more than double of Google Inc. (NASDAQ:GOOG) market share in Russia in terms of searches and has been rising in the market as a result of booming online advertising in Russia. Yandex as of January controlled 62% of search engine business in Russia compared to Google’s 27%.
The company expects Contextual marketing mostly carried by many companies in Russia to help propel the company’s sales even further during the current fiscal year.
The company also announced it had repurchased back a total of 18 million shares as of February 18, 2014 and plans to buy back 5 million more during the year. Yandex shares have not been performing well in the market in the recent months having dropped by almost 8% since the start of the year
Yandex NV (NASDAQ:YNDX) projects 20%-30% growth in like for like sales in the current year as advertising is expected to be bolstered by the sale of contextual ads on Mail.ru Group Ltd.’s (MAIL). Yandex plans to expand and venture more into profitable segments of e-commerce and also sink dipper into online video with its new acquisition of Multiship software platform and Kinopoisk.
