Aton: Yandex may leave Turkey in 2016. “Yandex” refutes the forecast

Aton analysts are predicting that Yandex will leave the Turkish market in 2016. Analysts of the investment company made this conclusion after a meeting with Ekaterina Zhukova, director of investor relations at Yandex. According to her, the company's EBITDA decreased by 2-3 points due to the development of business in Turkey, and the effect increased due to the devaluation of the ruble.


Photo: The Next Web

A spokesman for Yandex Asya Melkumova denied Aton’s forecast , noting that Turkey is a key experiment of the company.

We are actively developing our presence in Turkey, and as a result - we have seriously improved the quality of the search. Both by internal estimates and by external researchers, the search for “Yandex” in Turkey surpassed competing products.

Yandex has been operating in Turkey since 2011. Turkey became the first non-CIS country where Yandex began working. The search engine gained 5% of the market; Google remains the most popular search engine in the country.

Yandex actively promotes its services and in 2015 signed an agreement with Mozilla, making its service the default search in Firefox in Turkey. Mozilla previously had a three-year contract with Google, but it was not renewed this year.