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Yandex reveals Q2 financial results; press retract rumours of cofounder’s death

Ilya Segalovich at Seedcamp '11

Ilya Segalovich at Seedcamp '11

Ilya Segalovich at Seedcamp in 2011

After search engine Yandex – dubbed the "Google of Russia" – issued an announcement earlier today that its cofounder and CTO Ilya Segalovich had passed away from unexpected complications related to cancer, the company retracted that statement, telling online magazine GigaOm that he is actually in a coma: Ilya’s family told us last night that he had passed away. This morning we found out that he was on life support with no signs of brain activity. We are expecting further information.”

Q2 financial results unveiled

In a separate statement today, Yandex revealed that it continues to dominate the Russian search market with an averaged 61.7 per cent share – beating out global search giant Google. Additionally, revenues were up 35 per cent compared to Q2 in 2012 with net profit jumping up 47 per cent.

In 2011, Yandex raised $1.3bn in an IPO in New York and is currently valued at $10bn. Additionally, the Russian internet company's technological achievements caught the attention of European Organisation for Nuclear Research (CERN) earlier this year when a sponsorship agreement was announced between the two parties allowing CERN researchers access to Yandex's computing resources and proprietary data processing technologies.

As for forecasts for the full-year of 2013, the company said it now expects year-on-year revenue growth of 34-38 per cent.

Image credit:
Ilya Segalovich – flickr user Seedcamp Photos

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