Russian search and Internet services giant Yandex this morning announced its financial results for the second quarter of the year, reporting a 14% rise in revenue but a massive 82% drop in net profit compared to the same period last year.
Yandex has sales of just south of 14 billion roubles ($250.7 million), which was up 14% compared with Q2 2014. Net profit came in at a mere $7.6 million, though, a 82% decrease compared to the second quarter of last year, though based on adjusted net income the drop was a more reasonable 16% compared with Q2 2014. Total cost of revenues was up 16% year over year.
The loss is largely due to the depreciation of the US dollar during Q2 2015, and Yandex points out that the number of advertisers grew to 351,000, up 17% from Q2 2014 and up 9% from Q1 2015.
In the second quarter, Yandex had cash and equivalents of approximately $845 million.
Yandex says it expects its revenue to grow in the range of 11% to 13% in 2015 compared with 2014.
Featured image credit: Yandex offices in Moscow (credit to Yandex)