Yelp reports beat-and-raise quarter on advertising strength, shares gain ~14% after hours

Yelp opens its East Coast headquarters in New York City

Spencer Platt

Shares of Yelp (NYSE: YELP) increased by 14.5% to $37 in postmarket trading on Thursday after the online platform reported record second-quarter sales and raised its guidance for fiscal 2022 on surging advertiser demand.

YELP publishes Q2 GAAP EPS from $0.11 what Surpass estimates by $0.12. Second-quarter revenue of $298.88 million, which the company said was also an all-time high exceeded expectations by $14.58 million.

“Our product-focused strategy continued to generate robust advertising demand for our offerings across a variety of categories, taking our business to new highs in the second quarter,” said Jeremy Stoppelman, CEO of YELP, and David Schwarzbach, CFO, in a letter to shareholders .

Yelp (YELP) operates an online website and mobile application that allows users to connect with local businesses and then leave reviews for others to see.

The company said its second-quarter advertising revenue rose 16% year over year to $284 million, with both the services and dining categories seeing growth. Higher overall customer spending was another driver.

YELP paid advertising sites surpassed pre-pandemic levels, hitting a record 569,000.

The strong quarter prompted Yelp (YELP) to raise its revenue guidance for fiscal 2022 to a range of $1.18 billion to $1.20 billion. It had previously forecast sales of $1.16 billion to $1.18 billion. Consensus estimate of revenue is $1.15 billion.

The company also forecast third-quarter revenue of $300 million to $310 million versus a consensus of $293.45 million.

YELP stock has 10.8% lost COURSE OF THE YEAR. Yelp reports beat-and-raise quarter on advertising strength, shares gain ~14% after hours

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