Yandex Booms: Revenues Up 65%, Net Income Up 93% Year-Over-Year

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Russian online search and advertising juggernaut Yandex this morning reported solid quarterly earnings, showing off increases in both revenues and net income, compared to 2010.

The company, which raised over $1.4 billion in a NASDAQ IPO earlier this year, reported revenues of RUR 5.2 billion ($161.9 million), up 65 percent compared with Q3 2010.

Net income jumped 93 percent to RUR 1.7 billion ($53.5 million) compared to the third quarter of 2010, beating forecasts.

According to LiveInternet data, Yandex’s share of the Russian search market averaged 62.7 percent in Q3 2011, trumping Google by a margin. The company also reports that its number of advertisers have increased by more than 48 percent compared to Q3 2010, clocking in at over 158,000.

Yandex recently acquired a social news startup called The Tweeted Times and put up half of a $30 million funding round for alternative search engine Blekko.

The company’s price per share is $25.79 before market open, giving Yandex a market cap of roughly $8.3 billion.