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What: Shares of Russian search giant Yandex (YNDX -6.79%) 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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