Yandex NV (NASDAQ:YNDX), sometimes referred to as the 'Google of Russia,' released its third quarter financial results today. The company reported a 41 percent increase in the third quarter revenues to RUR 7.3 billion ($235.2 million). Operating income is $82.3 million, up 43 percent from the same quarter last year. Net profits for the quarter stood at RUR 2.3 billion ($74.2 million).
Though it's been a huge growth for the company, the results show some shrinking from the last quarter. During the second quarter this year, the company had reported a 50 percent revenue growth and 76 percent increase in profits compared to the second quarter of 2011.
Yandex NV (NASDAQ:YNDX) is a Russian Internet company, operating mainly in Russia, Turkey, and CIS. It's the world's fifth largest Internet search engine. The company's name is an acronym for "Yet Another Indexer." According to LiveInternet, the company has a 61 percent share in the Russian search engine market.
Recently, Yandex NV (NASDAQ:YNDX) launched its own web browser in an attempt to fence off Google from the Russian-speaking countries. The Yandex browser supports Mac and Windows operating systems. The company is planning to bring it to the mobile platform as well. Additionally, Yandex continues to offer a customized Firefox browser. Just a few months ago, the updated Mozilla Firefox browser had ousted Yandex from the default search option.
Search engines and browsers are not the only domains where Yandex NV (NASDAQ:YNDX) is battling Google Inc (NASDAQ:GOOG). The Russian company has also launched an alternative to the Android Store and Yandex.Disk, which is similar to Google Drive. Yandex offers a mobile taxi booking app, free cloud storage service, and a music subscription service.
Additionally, the company is trying to expand beyond Russian 'RuNet' by entering into Turkey, but with limited success so far. Analysts believe that Yandex NV (NASDAQ:YNDX) wants to get Turkey "right" first, before expanding into the vast Asian and European markets. In the future, are we going to see something like "The Russians are coming"? I guess so.