Russian search giant amasses cash pile
Russian search giant Yandex had a good year and has also reported growth in advertising and mobile usage. Revenues in Q4 were RUR 12.1bn ($369.3m), up 37% compared with Q4 2012 (and up 40% excluding the impact of Yandex.Money). In the full year the sales were RUR 39.5bn ($1,206.9m), up 37% compared with FY 2012 (and up 39% excluding the impact of Yandex.Money).
“Yandex delivered strong fourth quarter and full year 2013 results,” said Arkady Volozh, Chief Executive Officer of Yandex. “We continued to grow our search share on desktop and mobile. We implemented significant changes in our paid search algorithms, substantially grew the number of advertisers on our platform, and broadened the reach of our partner network. We will continue to create services that benefit our users across the markets in which we operate.”
In the year, it made a number of changes, including the acquisition of KinoPoisk, the largest Russian-language website dedicated to movies, television shows and celebrities.
It ended the year with a cash pile of about $1.5bn.