by Christopher Freeburn | February 20, 2014 10:56 am
On Thursday, Yandex (YNDX) forecast lower revenue growth this year compared to last, sending YNDX stock slumping more than 7% in morning trading.
YNDX stock fell after the Russian search engine projected that its 2014 revenue would climb between 25% and 30% this year. In 2013, YNDX said that adjusted revenue grew 39% over the prior year, Reuters notes.
Last year, Yandex recorded a profit of 13.5 Russian roubles ($378.1 million) on total revenue of 39.5 billion Russian roubles.
In Russia, YNDX dominates search engine traffic, capturing 60% of search engine activity in the country. YNDX derives most of its revenue from text ads distributed on YNDX websites.
On Wednesday, YNDX stock closed at $39.83 per share. Yandex stock has gained more than 65% over the past year.
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