Yandex, one of the biggest internet companies operating in Russia and the likes of Kazakhstan and Ukraine reported its 2010 revenue increase 43% compared to 2009. The giant reported revenues of 12.5 billion rubles in 2010, which equal to $410 million US. Yandex makes most of its revenue from contextual advertising, just as its counterpart Google does in the US.

88% of the company’s revenues came from contextual advertising. Revenues from contextual advertising grew 45% year-over-year. This is slightly higher than that of the market growth, which was reported to be 37% by the Russian Association of Communication Agencies (first three quarters of 2010). The more traditional advertising market in Russia grew 14% overall, which can still be said to be a good amount compared to western markets.

Fueling Yandex’s growth has been the increase in advertisers. In 2010, the number of advertisers grew over 40% compared to that of 2009. Overall, there were more than 180 000 advertisers placing ads on the internet giant’s ad network.

LiveInternet reported that Yandex’s share of the Russian search market grew to 64,1% in December 2010. In Ukraine Yandex serves 27% of all the searches while in Kazakhstan the figure is 24,4%. Comscore reports that the company attracted a monthly audience of 54 million in November 2010. Year-over-year Yandex’s audiences grew 64%.