Mail.Ru, one of the largest Internet companies in the Russian-speaking markets, today released unaudited financial results for the first six months of 2014 (H1).

While its H1 2014 revenue grew 21% (and its net profit 26.2%) compared to the same period last year, Mail.Ru chairman and CEO Dmitry Grishin in a statement noted that "the underlying economic and geo-political environment" has had a massive impact on its earnings.

Advertising revenues took a major hit in the first half of the year, and in particular Mail.Ru's display advertising revenues, which declined by around 10% in Q2 2014 alone.

As a result of this slowing demand and a decline of its 'Headhunter' business, Mail.Ru has cut its sales forecast for the year, now anticipating full-year 2014 revenues to grow between 14% and 18% instead of up to 24% growth as the Russian online communications and entertainment juggernaut had projected earlier. Its stock price dropped 12 percent this morning in London.

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