Russian internet giant Yandex declared its results for the quarter ended December 2011. the results were impressive considering that the company was able to generate a bottom line growth of around 35 percent.
Net income for the October-through-December period was $65.9 million, or 20 cents per share, up from $46.17 million, or 15 cents per share, in the fourth quarter of 2010. Revenue was $200 million, up from $135 million a year earlier. Yandex claims close to 60 percent of the Internet market share in Russia. For the full fiscal year, net income amounted to 55 cents a share, and compared with 2010 earnings of $125 million, or 41 cents per share. Revenue was $622.2 million, up from $409.3 million in 2010.
The company has been boosted with news of a deal with twitter. This will help the company in a major revenue boost over the next financial year. The deal with twitter will ensure a revenue increase over the near future. This will also help the company create a unique partnership over the long run where the company will be able to create and provide a unique social platform for the customers.
Yandex jumped 6.8 percent in New York yesterday, the biggest gainer on the Bloomberg Russia-US 14 index of Russian companies traded in the U.S., which fell 0.2 percent to 108.92. Volumes for the Internet stock were the most since Jan. 26. Futures expiring in March on the dollar-denominated RTS Index added 0.2 percent to 165,340 in U.S. trading. At current price levels we maintain a buy on the company as the company does have sound business and the twitter deal will help the company over the future.