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Yandex Announces Second Quarter 2016 Financial Results

MOSCOW, Russia, and AMSTERDAM, the Netherlands, July 28, 2016 (GLOBE NEWSWIRE) -- Yandex (YNDX), one of Europe's largest internet companies and the leading search provider in Russia, today announced its unaudited financial results for the second quarter ended June 30, 2016.

Q2 2016 Consolidated Financial Highlights(1)(2)

  • Revenues of RUB 18.0 billion ($280.7 million), up 30% compared with Q2 2015
  • Adjusted EBITDA of RUB 6.8 billion ($105.2 million), up 40% compared with Q2 2015, adjusted EBITDA margin of 37.5%
  • Adjusted net income of RUB 3.9 billion ($60.8 million), up 40% compared with Q2 2015, adjusted net income margin of 21.7%
  • Cash, cash equivalents, term deposits and short-term investments in debt securities of RUB 62.9 billion ($978.5 million) as of June 30, 2016

Q2 2016 Operational and Corporate Highlights

  • Share of Russian search market (including mobile) averaged 57.0% in Q2 2016 compared to 57.6% in Q1 2016 (according to LiveInternet)
  • Search queries in Russia grew 7% compared with Q2 2015
  • Launched Zen, personalized content recommendation tool, within Yandex Browser

“We posted strong results in Q2'16 with notable contributions from our Taxi, Market, and Classifieds business units,” said Arkady Volozh, Chief Executive Officer of Yandex. “Our expertise in data analysis and AI is fueling advances in ad targeting and driving the adoption of personalized products, such as Yandex Zen, by users in Russia and abroad.”

“I am proud of our accomplishments across all the segments in Q2,” said Alexander Shulgin, Chief Operating Officer of Yandex. “Our focus on mobile resulted in significant improvements in mobile monetization, and Yandex share on Android devices started to grow again in late June as a result of new distribution deals following the favorable FAS ruling in our case against Google.”

The following table provides a summary of our key consolidated financial results for the three months and six months ended June 30, 2015 and 2016:

In RUB millions Three...