Russian search engine provider Yandex reports a 34 percent year-over-year revenue growth for the first quarter of 2016. Yandex was also able to extend its market share in Russia.
The Q1 2016 earnings report announces a 16.5 billion RUB revenue - this translates to approx. 243.7 million USD. Compared to Q1 2015 this correlates with a growth of 34 percent. Yandex' market share in Russia has increased slightly to now 57.6 percent (compared to 57.3 percent in Q1 2015). The number of search requests answered by Yandex has gained by 7 percent.
The good results give reason for more optimistic expectations concerning the ongoing year. Yandex CEO Arkady Volozh says:
"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%."
In addition to this, Yandex COO Alexander Shulgin announced further investments for the business units Yandex.Taxi, Classifieds and Yandex.Market.