Yandex Revenues Double

Leading Internet portal Yandex generated $35.6 million in revenues in 2005, nearly double the $17 million it recorded in 2004, the company said Tuesday.

The portal’s revenue growth is com­parable to the rate of growth of Rus­sia’s Internet advertising market, which is estimated to be $100 million, Yandex said in a statement.

In 2005, advertisers spent 2 percent of their total advertising budget on In­ternet advertising, compared with slightly more than 1 percent in 2004, according to Yandex general director Arkady Volozh.

Nevertheless, advertisers spend only about $5 dollars per Internet user in Russia, compared with more than $120 in the United States, Volozh said in a statement Tuesday.