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What: Shares of Russian search giant Yandex (NASDAQ:YNDX) jumped by as much as 18% today after the company reported first-quarter earnings.
So what: Revenue in the first quarter rose 36% to $257.3 million, with earnings per share of $0.21. Both figures were better than investors were expecting. Yandex's bottom line grew by 79%, demonstrating the scalability of its operations. The company also redesigned its home page and updated several of its mobile apps during the quarter.
Now what: The company is now increasing its revenue guidance for 2013 and expects revenue to grow 30% to 35% this year on a ruble basis, before factoring in currency fluctuations. The company closed the quarter with $942.6 million in cash and investments. Yandex remains the dominant search engine in Russia, with the company citing data from LiveInternet that pegs its market share at 61.6% which is up sequentially and year over year. Advertisers grew 26% to 226,000.
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Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool recommends Yandex. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.