Russia’s leading search engine’s Q3 profit almost doubled to 1.7 billion rubles ($56.9 million) as advertising sales went from strength to strength and it began international expansion in the fast-growing Turkish market.
Revenue, which comes mostly from text-based advertising, rose 65 percent to 5.15 billion rubles ($172 million) after Yandex attracted 58 percent more advertisers.
But Google (NSDQ: GOOG) has now started to take some of market-leading Yandex’s domestic search share, according to LiveInternet.ru stats…
This basically reverses the trend we reported in June, when we told how Yandex had taken away Google share through late 2010 and early 2011.
Yandex is still investing a lot in additional staff. Costs doubled to a quarter of its revenue, 1.2 billion rubles, and is planned to hit 6.3 billion for the full year, for which Yandex is forecasting profit growth of 58 to 60 percent.