Russian search provider Yandex has released its second quarter 2014 results, with revenues soaring 32% to $362 million for the year-on-year period.
The company noted growth in its income from operations of 17% on the second quarter of 2013 to $108 million, while the search firm’s operating margin currently stands at 30%.
Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) have risen to $150 million, a 17% change on Q2 2013’s figure. EBITDA margin was 41%.
Net income down
One blot on the Yandex search landscape came from its net income, which was was down 18% on Q2 last year to $71 million. However adjusted net income was 9% in the positive with a value of $99 million.
Arkady Volozh, chief executive officer at Yandex, attributed the revenue increases to the firm’s successful text-based advertising business, which had been helped along by a healthy growth in advertisers and paid clicks.
A 92% rise in revenue from the Yandex ad network coupled with a 27% increase from Yandex websites contributed to a 39% gain in total text-based advertising to $11 million, backing up Volozh’s comments.
Drop in display ad revenue
Display advertising fell away in the three months ending June 30, with revenue from Yandex sites dropping by 16%. When factoring earnings from the company’s ad network, total display advertising declined by 6%
According to LiveInternet stats Yandex holds a 62% share of the Russian search market, including mobile. Its search queries grew 21% over Q2 and the number of advertisers using the company’s services were up by a quarter to 295,000.
Excluding any revenue associated with Yandex Money, the company has set itself the goal of achieving full-year, ruble-based revenue growth of 25% to 30% in 2014.