Yandex (YNDX) Reaffirms FY11 Revs Outlook as Search Queries in Russia Lighten
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Yandex (Nasdaq: YNDX) today reaffirmed its revenue guidance for full-year 2011, calling for ruble-based revenue growth of 55 percent to 60 percent.
Detail: "The Company notes that while its share of the search market in Russia has declined in recent weeks, with an average share of 63% of search queries in August and 61.4% in September (through September 26), according to Liveinternet, the Company operates in a high growth market where search share fluctuates constantly. Although it is difficult to pinpoint exactly why share changes from one period to the next, often it can be attributed to the release of a new search feature or launch of a new distribution arrangement. Yandex believes that its recent drop in share of search, among other things, reflects increases in searches on Chrome browser-enabled devices. Despite fluctuations in market share, the Company expects 2011 revenues to demonstrate strong revenue growth between 55% and 60% (in rubles) as compared to 2010. Yandex also continues to make 2011 capital expenditure outlays in-line with its prior comments of up to RUR 6.3 billion."
Detail: "The Company notes that while its share of the search market in Russia has declined in recent weeks, with an average share of 63% of search queries in August and 61.4% in September (through September 26), according to Liveinternet, the Company operates in a high growth market where search share fluctuates constantly. Although it is difficult to pinpoint exactly why share changes from one period to the next, often it can be attributed to the release of a new search feature or launch of a new distribution arrangement. Yandex believes that its recent drop in share of search, among other things, reflects increases in searches on Chrome browser-enabled devices. Despite fluctuations in market share, the Company expects 2011 revenues to demonstrate strong revenue growth between 55% and 60% (in rubles) as compared to 2010. Yandex also continues to make 2011 capital expenditure outlays in-line with its prior comments of up to RUR 6.3 billion."
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