Yelp Reports A Profit For The First Time Since Going Public
AP Photo/Kathy Willens
Net revenue was $88.8 million in the second quarter, which is up 61% from the same quarter last year. That beat analyst expectations of $86.32 million.
Net income was $2.7 million, or $0.04 per share. That's compared with a loss of $878,000 in the same quarter last year.
This was the first time the company had reported a profit since it went public in 2012.
The company also said that reviews on the site had increased 44% year over year to 61 million. Monthly unique visitors grew 27% to around 138 million, and monthly mobile unique visitors are at 68 million, up 51% year over year.
Yelp added several features to its site this quarter, including Yelp Reservations, which allows restaurants to set up free online reservations, and a new feature that allows people to add videos to their reviews.
The company offered strong guidance for the third quarter, projecting revenues between $98 million and $99 million.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Audi to hike vehicle prices by up to 2% from June
- Kotak Mahindra Bank shares tank 13%; mcap erodes by ₹37,721 crore post RBI action
- Rupee falls 6 paise to 83.39 against US dollar in early trade
- Markets decline in early trade; Kotak Mahindra Bank tanks over 12%
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema