As many people who follow the news, Russia is in increasingly trouble relations with the West, and their currency is in precipitous decline. Because of this, the Russian search engine and internet company, Yandex has been caught up in the country’s problems as well.
Yandex announced both their Q4 and full year financial results this morning. The company saw fourth quarter revenues of 14.667 billion rubles and full year revenues of 50.76 billion rubles. These numbers equate to roughly $260 million (21 percent growth) and $811 million (29 percent growth) respectively.
Despite the positive numbers, the Q4 report was less than what financial analysts were expecting. Yandex has decided to trade up this morning. Below are some additional highlights from the earnings release:
- Yandex had 59.7 percent of the Russian search market in Q4 (Google is roughly 32 percent)
- Search queries increased 9 percent vs a year ago
- Yandex had 317,000 advertisers in Q4 (up 14 percent vs. 2013)
- Paid clicks increased 18 percent year over year
- Display advertising represented 8 percent of total revenue and grew 3 percent vs. 2013
On a separate note, Yamdex is reportedly filing an antitrust complain in Russia over Google’s control over Android. According to Yandex, Google has violated Russian competition law by requiring hardware OEMs that want access to Google Play to pre-install Google Apps as “default” options for users. There are competing apps and services from Yandex that it believes are being harmed because of Google Play’s pre-install requirements.