Russia’s deteriorating relations with Europe and the U.S. don’t appear (so far) to have impacted its leading search engine Yandex, which announced second quarter results this morning. Yandex reported revenues of RUR 12.2 billion ($361.5 million), up 32 percent over last year.
Income was RUR 3.6 billion ($1.08 billion), representing a 13 percent increase over Q2 2013. However net income was down 18 percent vs. 2013.
Text-based ad revenue (search and network) accounted for 93 percent of Yandex’s total revenue in Q2. Display revenue contributed 6 percent of total revenue, which was down 6 percent vs. last year. Yandex operated sites drove the majority of the company’s revenue.
Paid clicks increased 36 percent and CPCs were up 1 percent compared with the same period last year. Yandex disclosed 295,000 advertisers at the end of Q2, which was up 25 percent from Q2 2013.
The company says it controls 61.6 percent of the Russian search market. Yandex also said that search queries across its network grew 21 percent vs. last year.
In addition to Russia, the company operates in Ukraine, Kazakhstan, Belarus and Turkey.
Image credit: Yandex