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 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.
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