The leading Russian search engine Yandex, announced yesterday that its revenues had grown by 65% in quarter 3 compared with the previous year. With a turnover of 5.2 billion Rubles ($161.9 million Rubles) and a profit of 1.8 billion Rubles, Yandex exceeded stock market expectations.
CEO Arkady Volozh said, “Yandex delivered strong financial results and made significant progress across all areas of our business during the third quarter. We increased the pace of the number of new product and services launched compared to prior quarters, both on the user and advertiser fronts. We also launched services in Turkey, an important milestone in our company’s development as it is our first truly international market.” He continued, “We continue to see robust growth and usage patterns in our markets and we expect that our investments will position the company for sustained growth and profitability going forward.”
The company also recently invested $15 million in US search engine Blekko and opened operations in Turkey.
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