Russia’s biggest internet search engine Yandex has registered its fastest growth in six years, it said on Monday as the company raised its 2018 revenue forecast, lifting its share price by almost 8 percent.



The company, which competes with Google and Mail.Ru, said it expects 2018 revenue to grow by 35-38 percent in rouble terms, up from a previous forecast of 30-35 percent.

With more than 20 offices globally, the group’s services include taxis, food delivery and a ride-sharing business with San Francisco-based Uber.



The new forecast excludes Yandex.Market, a joint venture with Russian lender Sberbank. Yandex.Market was set up in April and has been described as a Russian version of U.S. online retail giant Amazon.

Shares in parent Yandex N.V. have been volatile in recent weeks on news that Russia is considering limiting foreign ownership in online news aggregators and speculation that state-controlled Sberbank could buy a large stake in the company. Sberbank has denied that it plans such an investment.