Russian Internet services giant Yandex (yes, yes, the ‘Google of Russia’ if you insist) has announced its earnings for the second quarter of the year, and the numbers are solid.
One of Europe’s leading Internet companies, Yandex’s revenue was up 32% compared to Q2 2013, totalling $361.5 million for the quarter on strong growth in advertisers, search queries and paid clicks.
Compared to the previous quarter, revenue was also up (11.7%) in Q2 2014.
Profit was down 18% compared with Q2 2013 to $71.2 million, but adjusted net income came in at a solid $98.7 million, up 9% compared with Q2 2013. (Note: table below is in rubles)
Yandex, which has recently received the green light for a listing of shares on the Moscow Stock Exchange (and acquired Auto.ru), averaged a 61.6% share of the Russian search market in Q2 2014, as search queries grew 21% compared to the second quarter of last year.
Number of advertisers grew to nearly 300,000, up 25% from Q2 2013 and up 6% from Q1 2014.
(Above image credit to Abd allah Foteih / Flickr)