Russian search engine Yandex released its Q1 2016 earnings report yesterday, announcing $243.7 million (RUB 16.5 billion) in revenue for the quarter — an impressive 34-percent increase over Q1 2015.
Search queries for the site were up seven percent year over year for the quarter.
Yandex’s share of the Russian search market saw a very slight increase year over year, owning 57.6 percent during Q1 2016, compared to 57.3 percent in Q1 of last year.
“Based on the current conditions, we are raising our revenue outlook for the year from a range of 12% to 18% to a revised range of 15% to 19%,” said Yandex CEO Arkady Volozh.
Yandex’s COO, Alexander Shulgin, said the company will continue to invest in Yandex.Taxi, Classifieds and Yandex.Market — its three business units. The search engine company also confirmed it was making changes to the way it reports its online advertising.
“As online advertising formats continue to converge, we are no longer providing a breakdown of our online ad revenues into text-based and display revenues,” reads Yandex’s release on its earnings, “We continue to separately present revenues from Yandex websites and revenues from our ad network.”
While not breaking down its text-based and display ad revenue, the search engine company did report its online advertising text-based and display ad revenues had increased 31 percent year over year and accounted for 96 percent of the company’s total Q1 2016 earnings.
Online advertising from Yandex websites was up 27 percent year over year, while online advertising revenue from its ad network grew 43 percent year over year.
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