Russia's top search engine Yandex reported today that their year-over-year (YoY) revenue increased by 43 percent, reaching 12.5 billion rubles ($410 million).
Contextual advertising was Yandex's top source of revenue last year, accounting for 88 percent of its profits. Revenue from contextual ads grew 45 percent YoY and the number of advertisers increased by more than 40 percent, totaling more than 180,000, the company reported.
Overall, the Russian ad market increased by 14 percent and the online advertising market grew by 37 percent for the first nine months of 2010, according to the Russian Association of Communication Agencies.
Yandex also increased its share of the Russian search market in December 2010, growing to 64.1 percent, up from 58.9 percent; the company also increased its share in the Ukrainian and Kazakhstan markets, to 27 percent and 24.4 percent respectively, according to LiveInternet figures.
ComScore also reported that Yandex's monthly audience grew by 64 percent from November 2009 to November 2010, and peaked at more than 54 million this past November.