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Yandex Announces First Quarter 2013 Financial Results

Cost of revenues, including traffic acquisition costs (TAC)

In RUR millions Three months
  ended March 31, 
  2012 2013 Change
Related to the Yandex ad network 657 820 25%
Related to distribution partners 335 485 45%
Total TAC 992 1,305 32%
Total TAC as a % of total revenues 16.9% 16.3%  
Other cost of revenues 526 671 28% 
Other cost of revenues as a % of revenues 9.0% 8.4%  
Total cost of revenues 1,518 1,976 30% 
Total cost of revenues as a % of revenues 25.8% 24.7%  

TAC decreased from 18.7% of text-based revenues in Q1 2012 to 18.2% in Q1 2013, reflecting the larger growth in revenues from our own sites.

Other cost of revenues in Q1 2013 increased 28% compared with Q1 2012, reflecting growth in personnel, content acquisition costs and data center-related costs in line with revenue growth.

Product development

In RUR millions Three months
  ended March 31, 
  2012 2013 Change
Product development 1,066 1,328 25%
As a % of revenues 18.1% 16.6%  

The absolute increase in product development expenses in Q1 2013 was in line with increases in product development staff and employee remuneration. Headcount increased 18% from 1,842 as of March 31, 2012, to 2,181 as of March 31, 2013, with 154 employees added since December 31, 2012.

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