The leading Russian search engine and contextual advertising provider, Yandex reported 2010 revenues of 12.5 billion Roubles (US$ 410 million), up 43% year-on-year from 8.7 billion Roubles in 2009, the company said.
The leading Internet advertising company in Russia, Yandex has managed to outgrow the Russian internet advertising market that increased almost 40% last year. The contextual advertising accounted for 88% of Yandex revenues. The number of Yandex advertisers was up 40% year-on-year to over 180,000 in 2010.
Yandex increased its search market share to 64% in Russia, to 27% in Ukraine, and to 24% in Kazakhstan in December 2010, according to LiveInternet. Yandex‘ monthly audience reached 54 million users in November 2010, according to Comscore.
The highly anticipated Yandex IPO in 2011 could be valued at $1.5 billion.