Yandex Russia’s biggest
search company, has posted Q2 earnings, with revenues up 50% over the same quarter in
the previous year to $207.2 million, and net income up 76% to $68.4 million.
And as impressive as the numbers
sound, the results were just shy of analyst
expectations: on average analysts expected revenues of $207.70
million, according to Yahoo Finance, while Bloomberg is reporting differently.
Better news comes in the
company’s share of the Russian search market: 60.4% in Q2 2012, says Yandex,
citing Live Internet. As we’ve
previously noted,
search share has been a concern with heavy competition from Google and others.
This appears to be up from the previous quarter (59%), although not back to the
high 60s it was at last year.
Search queries are also up,
growing 30% from Q2 2011, while the company has increased the number of
advertisers to more than 193,000, up 34% from Q2 2011 and up 8% from Q1 2012.
Breaking down the numbers
further, Yandex says:
Text-based advertising revenues
accounted for 89% of total revenues in Q2 2012 i.e. it was the main driver.
Specifically, text-based advertising revenues from Yandex’s own websites
accounted for 72% of total revenues during Q2 2012, and increased by 43%
compared with Q2 2011. Meanwhile, text-based advertising revenues from the
company’s ad network increased 93% compared with Q2 2011 and contributed 17% of
total revenues during Q2 2012.
Paid clicks on Yandex’s and its partners’ websites, in
aggregate, increased 62% in Q2 2012 compared with Q2 2011. Interestingly,
average cost per click is 7%
lower compared with Q2 2011, but up 18% compared with Q1 2012.
Display advertising revenue, on the other hand, accounted for 9% of total
revenues during Q2 2012, an increase 43% compared with Q2 2011.
Finally, online payment
commissions accounted for 2% of revenues during Q2 2012, and increased 40%
compared with Q2 2011.
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