• by Laurie Sullivan  @lauriesullivan, April 27, 2017

Yandex reported that advertising revenue from its online properties rose to RUB 14.4 million on overall revenue of RUB 20.7 billion or $366.3 million during the first quarter of 2017, ended March 31.

Yandex, the largest Internet search engine in Russia, said revenue from its ad network also rose 17% to about RUB 5.6 million.

The company said revenue from online advertising contributed 94% of total revenue in the quarter. Online advertising revenues come from performance and brand advertising on Yandex properties and in its advertising network.

While overall revenue rose during the quarter, net income fell 23% to approximately $14.5 million, compared with the year-ago quarter.

Revenue from "other" grew 77% in the first quarter of 2017 compared with the year-ago quarter of 2016, "and was mainly driven by growth in Yandex.Taxi revenues," the company reported in a statement.

Yandex also reported other numbers in the unaudited financial results for the first quarter, end March 31, 2017:

--Share of Russian search market, including mobile, averaged 55.4% in Q1 2017, unchanged from Q4 2016, according to LiveInternet.

--Search queries in Russia grew 2% compared with Q1 2016.

--Paid clicks on Yandex’s and its partners’ Web sites, in aggregate, rose 12% compared with the first quarter of 2016, with the average cost per click growing 10%. 

The company did not call out revenue by mobile, but during the first quarter of 2017, Google and the Russian Federal Antimonopoly Service reached an antitrust settlement regarding the use of Android in Russia, which Yandex CEO Arkady Volozh said should have a positive impact for the company in the future.

“The recently announced settlement between Yandex, Google, and the FAS will provide real choice to users and move us closer to a level playing field in Russia,” said Volozh in a statement. “We expect this will open the door to market share gains on mobile in 2017 and beyond.”