Yandex 2014 first-quarter earnings release shows the Russian search engine’s revenue was up 36 percent year-over-year since the first quarter of 2013, totaling RUR 10.9 billion ($305 million).
The site’s share of the Russian search market averaged 61.9 percent, with search queries growing 21 percent from the first quarter of last year.
Yandex net income for the first quarter of the year was RUR 2.6 billion ($71.5 million), up six percent from Q1 2013. “We enjoyed growth in the number of advertisers, enhanced Yandex.Direct functionality for domestic and international clients and made several important launches on the mobile front,” said Yandex CEO Arkady Volozh.
Yandex advertising revenues were up 39 percent since first quarter 2013, with text-based ads representing 92 percent of its total revenues in Q1 and display ads accounting for 7 percent. At more than 280,000, the number of advertisers on the site is up 25 percent since Q1 2013. Yandex says text-based ad revenues from its own ad network was up 104 percent compared to Q1 2013:
Our agreement with Mail.ru to power paid search results is the principal driver of our increase in partner network revenues as well as the increase in growth rate of the ad network.
The company also announced a partnership for Real-Time Bidding with Google during the quarter. Financial Highlights from Yandex Q1 2014 Earnings Report:
Not counting revenue associated with its Yandex.Money, the search engine expects to generate full year ruble-based revenue growth of 25 percent to 30 percent in 2014.