Google revenue in Russia surges 80% in 2011
MOSCOW. July24 (Interfax) - LLC Google, the main company behind the Google search engine in Russia, boosted revenue 80% in 2011 to 6.8 billion rubles from 3.9 billion in 2010, the SPARK database shows.
Net profit grew 70% to 633.6 million rubles and sales profit jumped 60% to 1.33 billion rubles.
Russia's largest search engine Yandex last year increased its revenue to US GAAP 60% to 20 billion rubles. Net profit climbed 50% to 6 billion.
Yandex revenue to Russian Accounting Standards increased 60% to 21.3 billion and net profit grew 40% to 6.56 billion rubles.
LiveInternet figures show that at the end of the first half of 2012, yandex held 60.5% of the search market in Russia and Google 26.4%.
Both companies obtain their core revenue from contextual advertising. The Russian Association of Communication Agencies (AKAR) reported that the contextual advertising market in Russia expanded 63% in 2011 to 26.5 billion rubles and media advertising grew 45% to 15.3 billion rubles.
