MOSCOW, July 28. /TASS/. Yandex increased forecast for revenue growth for 2016 compared with the previous year to 19-22%, the company said on Thursday.
In 2015, consolidated revenue of Yandex amounted to 59.8 bln rubles ($897.34 mln).
"Based on our strong H1 2016 results, we are raising revenue gross outlook for the calendar year 2016. We now expect our revenue to grow in the range of 19% to 22% in 2016 compared with 2015. This outlook reflects our current view, based on the trends that we see at this time, and may change in light of market and economic developments in the business sectors and jurisdictions in which we operate," the company said.
The company’s revenue in the first half of 2016 increased by 31% year-on-year to 34.5 bln rubles ($517.75 mln), adjusted net income increased by 40% to 7.1 bln rubles ($106.5 mln).
.Shares of Yandex surpass 1,500 rubles ($22.6) per share - maximum value since mid-September 2014 - on the Moscow Exchange following the report.
Adjusted Yandex net income under the US GAAP in the Q2 2016 increased by 40% year-on-year and amounted to 3.9 bln rubles ($58.79).
Consolidated revenue of the company in the reporting period increased by 30% to 18 bln rubles ($270.97 mln). At the same time, adjusted EBITDA increased by 40% and amounted to 6.8 bln rubles ($102.37 mln).
At the same time, Yandex increased forecast for revenue growth for 2016 compared with the previous year to 19-22%, the company said on Thursday.
Earlier this year, Yandex forecasted revenue growth rate of 12-18% for the year, in April growth forecast was adjusted to 15-19%.
Yandex signed new distribution agreements with mobile manufacturers after the decision of the Russian Federal Antimonopoly Service on the Google case, the company’s CEO Alexander Shulgin was quoted in the report.
"Our focus on mobile resulted in significant improvements in mobile monetization, and Yandex share on Android devices started to grow again in late June as a result of new distribution deals following the favorable FAS ruling in our case against Google," Shulgin said.