Russian IT company Yandex Q2 2012 GAAP net income was 76% higher and amounted to $60.4 million (RUR 1.983 billion).
Yandex (NASDAQ: YNDX), one of the largest IT companies in Russia operating the 7-th favorite search engine globally, presented its financial results for the second quarter 2012. The company earnings for April-June appeared to be beyond consensus estimates as well as respective Q1 2012 figures.
GAAP Net income rose to RUR 1.983 billion ($60.4 million), what is 76% higher than in Q2 2011.
Yandex revenues increased 50% up compared to the respective quarter of the previous year and amounted to RUR 6.8 billion ($207.2 million).
Ex-TAC revenues (excluding traffic acquisition costs) increased up 45% in comparison with Q2 2011 to RUR 5.66 billion ($172.5 million).
Income from operations was equal to RUR 2,245 billion ($68.4 million), 63% more than in Q2 2011.
Adjusted EBITDA rose 60% compared to the second quarter 2011 to RUR 3.07 billion ($93.5 million).
Operating margin was 33%, while net income margin totaled 29%.
“Yandex delivered 50% growth in the top-line and expanded profitability margins in the second quarter, driven by strong advertiser dynamics, solid search share performance and overall Russian Internet market leadership,” said Arkady Volozh, Chief Executive Officer of Yandex. “Technology and innovation are the foundation of our company. Along with ongoing search enhancements, we deployed important new mobile, mapping, and cloud-based services that enhance the relevance of Yandex for users and advertisers across our markets.”