Russia’s largest search engine provider, Yandex N.V said its revenue for the first quarter of the year rose to RUB20.7 billion which is approximately USD364 million.
On a year on year basis, its revenue was up 25% compared with Q1 2016
Arkady Volozh, Chief Executive Officer of Yandex said that:
“The recently announced settlement between Yandex, Google, and the FAS will provide real choice to users and move us closer to a level playing field in Russia.”
“We expect this will open the door to market share gains on mobile in 2017 and beyond.”
Alexander Shulgin, Chief Operating Officer of Yandex added that “Yandex is off to a solid start in 2017 with 25% year-on-year revenue growth in the first quarter. Continued investments and innovation in the core search business and our business units are delivering results. I am particularly excited about Yandex.Taxi which delivered 484% growth in rides in Q1.”
The company said it is more optimistic for the year when it said “we are increasing our revenue guidance, and currently expect our ruble-based revenue to grow in the range of 17% to 20% for the full year 2017”.
Yandex competes with Google, Mail.ru and other smaller Internet search providers in Russia, a market where it controls about 60% of the market search volume.
