Exit Google boosts profit YandexBack
After Google's departure from Russia, Yandex, the Russian Google, has seen a significant increase in revenue. It reported a 46% increase in revenue in 2022 to 521.7 billion rubles ($7.05 billion). Because of this, it has increased its dominance in Russia in online advertising. Major competitor Google has withdrawn from the market after Russia invaded Ukraine.
Yandex has tried to strike a balance between its Western investors on the one hand and the Kremlin on the other. It sold its news feed and homepage to state-controlled rival VK last year, in part to try to depoliticize its business, a source close to Yandex said.
Alphabet's Google stopped selling online ads in Russia last March, but kept some free services available, helping Yandex to increase its market share.