Boston, MA 02/12/2013 (wallstreetpr) – Yandex NV(NASDAQ:YNDX) is set to expand its domain in other countries other than Russia, according to one of the major investors of the company. Currently, Google Inc.(NASDAQ:GOOG)’s web searches in Russia are half than that for Yandex.
Alexander Galitsky of Almaz Capital Partners, which invested in the company in 2008 thinks, Yandex’s stands a strong chance where Google is weak because its search engine is “well adjusted linguistically” and it also have “precise maps”. “Their navigation is one of the best”, he added.
Yandex NV(NASDAQ:YNDX) has displaced Microsoft Inc.(NASDAQ:MSFT)’s Bing search-engine to become the fourth-largest search engine. This year, the stock rallied on NASDAQ by 16%. It also showed the third-largest advancement in the Russian Stock Market in 2013.
Yandex NV(NASDAQ:YNDX); launched in Turkey in 2011, features translation services, free e-mail service, GPS-compatible local maps and traffic details, apart from video and image search. Apple Inc.’s iPhones include the map service offered by Yandex NV(NASDAQ:YNDX).
About the map service, Galitsky; designer of important software for Soviet Union spy-satellites said, “their navigation is one of the best”. Speaking about its prospects, he also supported Galitsky’s stance saying the company could advance easily “in those countries where Google is …… not dominating”.
Countries like Turkey, former Soviet Union republics in central Asia and Vietnam are big prospects for the Russian internet company. Yandex NV(NASDAQ:YNDX) seeks to increase its share in the Turkish search engine market to 35%. Currently Google occupies 60% of the market. Russia overtook Bing to become the fourth-largest search engine in the world in the months of November and December.
Almaz Capital, one of Yandex NV(NASDAQ:YNDX)’s earliest investors has said that it plans to stay with the company. It further said that it is likely to maintain this performance over the next few years. According to data, Yandex earned as much as 90% of its revenue from text-based advertisements in the third-quarter.
Almaz Capital has investments in companies like Hoover’s Inc. and Qik Inc., which was taken over by Skype Inc.
The 2012 revenue of Yandex may have risen to $950 million, according to analysts. Alexander Vengranovich, an analyst in Moscow said, “It’s been a year since Yandex entered Turkey and if it decides, based on 2012 results, that its expansion in the country was a success, it may enter other markets already this year.”
Yandex NV(NASDAQ:YNDX) shares were up by 0.88% and currently trading at $25.14. Google Inc.(NASDAQ:GOOG) shares were up by 0.47% and currently trading at $786.10. Microsoft Corporation(NASDAQ:MSFT) were up by 0.38% and currently trading at $27.97.
