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Yandex Quarterly Net Jumps 76% to $62 Million, Beats Estimates

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July 31 (Bloomberg) -- Yandex NV, owner of Russia’s most-used search engine, said profit increased 76 percent in the second quarter on higher ad revenue.

Net income reached 1.98 billion rubles ($62 million) from 1.13 billion rubles in the same period last year, Yandex said in materials distributed to reports in Moscow today before the results were released. That beat the average estimate of 1.82 billion rubles in a Bloomberg survey of six analysts. Revenue rose 50 percent to 6.8 billion rubles, while earnings before interest, taxes, depreciation and amortization increased 60 percent to 3.07 billion rubles, Yandex said.

Yandex’ share of Russian Internet searches averaged 60.5 percent over the past four weeks, according to Liveinternet, an Internet service provider and researcher. That’s more than double Google Inc.’s 26.7 percent average, the data show. Mail.ru Group Ltd. had a share of 8 percent.

To contact the reporter on this story: Ekaterina Shatalova in Moscow at eshatalova@bloomberg.net

To contact the editor responsible for this story: Denis Maternovsky in Moscow at dmaternovsky@bloomberg.net

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