Yandex reports 79% Q1 2013 benefit growth
N 26 April 2013

Yandex reports 79% Q1 2013 benefit growth

Yandex' net income in the first quarter of 2013 grew by 79% compared to the previous year, reaching 2.2 bn rubles ($70.2m), according to the company's quarterly report. The results exceeded all forecasts, as analysts had predicted Yandex benefits to add 51%.

The firm's consolidated proceeds increased by 36%, to 8 bn. rubles. Yandex management said the success was due to a number of innovations, such as introduction of a new home page layout, and upgrade of some mobile applications and services, i.e. advertising.

One of the new features is the option to add images to Yandex' contextual ads. This was one of the reasons for an increase of the company's pool of advertisers: it grew by 26%, reaching 226,000.

Stats from Liveinternet show that 61.6 % of all search queries in Russia in Q1 were made via Yandex (up 2% from last year).

Another Internet giant, Mail.Ru group, also published its financial results for both Q1 2013 and the full year of 2012. Mail.Ru's first-quarter revenue rose 29.4% to 6.3 bn. rubles. The group's net profit in 2012 was up 37.6% to 8.55 bn. rubles.

Yandex and Mail.Ru Group are the only two Russian Internet companies who reveal their quarterly results.