Categories AlphaGraphs, Earnings, LATEST, Technology

Yelp shares jump 6% after smashing past estimates

Crowd-sourced review forum Yelp (YELP) reported better-than-expected revenue during the second quarter, helped by strong growth in the core advertising business. Revenue came in at $235 million, higher than $231 million expected by the Wall Street – with ad revenue saw a 21% jump during the quarter.

Yelp shares jumped over 6% after the closing bell.

Meanwhile, transaction revenues, which were on a downward path since the company sold its Eat24 business to GrubHub (GRUB) last year, continued to tumble. During the second quarter, transaction revenues fell 81% to $4 million.

Net income improved to $11 million, or $0.12 per share, compared to net income of $8 million, or $0.09 per share in the year-over period. Analysts had expected EPS to fall to $0.01.

Yelp second quarter 2018 earnings

Yelp CEO Jeremy Stoppelman said, “We completed the transition to selling non-term local advertising in the quarter, which helped deliver record advertising account additions. Our growth initiatives elsewhere also produced encouraging results.”

Yelp said its app unique devices jumped 15% during the second quarter to 32 million.

The company also revised its full-year 2018 outlook. Yelp now expects net revenue to be between $952 million and $967 million and adjusted EBITDA to be between $186 million and $192 million.

For the third quarter, revenue is expected in the range of $242 million – $246 million, while adjusted EBITDA is projected to stand between $49 million and $52 million.

Related: Yelp first-quarter earnings results 

Yelp First Quarter Results

Most Popular

What to look for when CVS Health (CVS) reports Q3 earnings

Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain

eBay (EBAY): A few factors that helped drive growth in Q3 2024

Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,

CVX Earnings: Chevron reports lower revenue and profit for Q3 2024

Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top