The leading Russian search engine and contextual advertising company Yandex (NASDAQ: YNDX) has announced its financial results for Q4 2011 and full-year 2011. Driven by a 56%-annual growth in the Russian online advertising spendings, Yandex rouble-based annual revenues has grown 60% to 20 billion ($622 million).
Yandex completed $1.3 billion IPO on NASDAQ in May 2011. With a net income margin of some 30%, Yandex had $642 million in cash and its equivalents at the end of 2011.
In Q4 2011, Yandex reported revenues of RUR 6.4 billion ($200 million), up 56% from Q4 2010, operating income of RUR 2.6 billion ($81 million), up 44% from Q4 2010, and net income of RUR 2,1 billion ($66 million), up 51% from Q4 2010. Yandex operating margin was 40% and net income margin was 33% in Q4 2011.
The Yandex revenue split in Q4 2011 is as follows: text-based advertising on Yandex websites (68%), text-based advertising on Yandex ad network (17%), display advertising (13%), and online payments comissions (2%).
For the full-year 2011, Yandex reported revenues of RUR 20.0 billion ($622 million), up 60% from 2010, operating income of RUR 7.0 billion ($218 million), up 46% from 2010, and net income of RUR 5.8 billion ($179 million), up 51% from 2010. In Q4 2011, Yandex number of advertisers was more than 173,000, up 43% from Q4 2010 and up 10% from Q3 2011.
In December 2011, the Russian search market share of Yandex was 60.8% vs. 25.5% of Google‘s search share in Russia, according to LiveInternet. Yandex had 44.5 million unique monthly visitors last December, according to comScore.
Headquartered in Moscow, Yandex has more than 3,500 employees in offices in Russia (Moscow, St. Petersburg, Rostov-on-Don, Yekaterinburg, Kazan and Novosibirsk), Ukraine (Kiev, Odessa, and Simferopol), USA (Palo Alto) and Turkey (Istanbul).
In 2011, Yandex acquired mobile user interface software developer SPB Software and twitter-based online newspaper The Tweeted Times as well as invested in alternative search engine Blekko. In 2011, Yandex began powering online search on Russian online portals Rambler and Aport as well as launched its online search and other services in Turkey.
In February 2012, Yandex launched social networking search and partnered with Twitter for real-time search.
According to Yandex, its 2012 rouble-based annual revenues are expected to grow 40% to 45%.
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