Russia’s Yandex beats FY revenue target after Google pulls advertising

MOSCOW: Russian internet giant Yandex on Wednesday reported 2022 revenue up 46% to 521.7 billion roubles ($7.05 billion), increasing its dominance in online advertising as major competitor Google pulled out of the market.

Yandex, often referred to as “Russia’s Google”, said investments in ad technologies drove a similar revenue jump in the fourth quarter, but adjusted net income slid 72% to 747 million roubles.