Yelp Inc. (NYSE: YELP) topped earnings estimates for the second quarter of 2019 while revenue matched expectations. Shares gained 4% in aftermarket hours on Thursday. The consensus estimate was for earnings of $0.12 per share on revenues of $247 million.
Net revenue rose 5% year-over-year to $247 million, driven mainly by growth in advertising revenue.
Net income was $12 million, or $0.16 per share, compared to $11 million, or $0.12 per share, in the prior-year quarter.
Advertising revenue grew 5% year-over-year to $238 million, helped by growth in the number of paying advertising locations and improved productivity from the advertising sales force. The number of paying advertising locations grew 6% to 549,000.
Transactions revenue dipped to $3 million from $4 million last year. Other services revenue rose 15% to $6 million, driven by an increase in the number of restaurant customers using Yelp Reservations and Yelp Waitlist products. Revenue from multi-location advertisers increased 21% year-over-year, with growth across mid-market, franchise, and national advertisers.
For the third quarter of 2019, Yelp expects net revenue growth of 8-10% compared to the year-ago period. Adjusted EBITDA margins are projected to expand by 1-2%. For full-year 2019, the company expects net revenue growth of 8-10% with adjusted EBITDA margins increasing by 2-3% over 2018 levels.
Yelp Verified License and Business Highlights together attracted more than 25,000 active paying locations by the end of the second quarter. In June, the company unveiled Yelp Portfolios, which enables service professionals to highlight projects they have completed with detailed photos, descriptions, and pricing.
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