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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
TAC:      
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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