Yandex Posts 40% Higher Revenue in First Quarter

Оne of Europe’s largest internet companies and the leading search provider in Russia, Yandex, has announced that its revenue in the first quarter of the year grew 40% year-on-year, Vedomosti reports.

The company’s unaudited financial results for the first quarter also show a 36% adjusted net income compared with Q1 2018, the newspaper writes.

Yandex has increased market forecast for revenue growth in 2019 to 30-34%. The company’s Q1 advertising revenue increased by 25%, while the share of non-advertising revenue increased to 27% (in the IV quarter it was 24%).

Revenue in the Search and Portal segment grew by 26% to 27.1 billion rubles, and the segment still brings the majority of the company’s revenue.

The search share of Yandex has grown to 57%, in the same period last year it was 56.5%, according to Yandex.Radar. The search share of Yandex on Android in Russia increased to 51.2% – from 46.3% – in the first quarter of last year.

Yandex. Taxi‘s revenue in the first quarter grew by 145% to 7.6 billion rubles ($117 million), and the business now accounts for 20% of Yandex’s total revenue. The revenue of media services increased by 74% to 734 million rubles ($11.3 million).

Revenue from ad services grew by 57% to 1.1 billion rubles, while revenue from other areas and experiments grew by 218% to 2.4 billion rubles ($37 million), the company said.