Yandex Releases 2016 Financial Results

Yandex has released its 2016 financial results. It was reported that the company made revenues of 1.2 billion US dollars over the course of 2016, a 27% increase on the previous year, which helped Q4 revenues increase by 22% over Q4 2015. However, the company saw its net income decline over the course of 2016, with annual profits down 30% on 2015, at 111 million US dollars. This was impacted by Q4 results which saw net income fall by 57%. Focusing on the positives, Arkady Volozh, CEO of Yandex, said that its 2016 growth was “driven by improving macro conditions and continued innovation across technology stacks”. He also added that Yandex.Taxi saw success, with an increase of 452% in December 2016, compared to the same month in 2015. By the end of 2017, the company expects its revenue to have grown by between 16% and 19%, compared to 2016.