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Yelp stock soars on Q2 results


12:33 pm by Fiona MacDonald

The San Francisco-based web-based reviewing hub released figures for the three months ended June 30 after the bell Wednesday that exceeded expectations with a net loss in the quarter of $878,000 for a loss of a penny per share, narrowing the losses recorded a year ago which were for $2.0 million for a loss of 3 cents per share.The San Francisco-based web-based reviewing hub released figures for the three months ended June 30 after the bell Wednesday that exceeded expectations with a net loss in the quarter of $878,000 for a loss of a penny per share, narrowing the losses recorded a year ago which were for $2.0 million for a loss of 3 cents per share.

Stock in Yelp Inc. (NYSE:YELP) spiked Thursday, rising more than 20 per cent in New York to hit $50.96 as of 12:10 pm EST, $9.16 above previous close, on the back of quarterly results released the night before.

The San Francisco-based web-based reviewing hub released figures for the three months that ended June 30 after the bell Wednesday that exceeded expectations with a net loss in the quarter of $878,000 for a loss of a penny per share, narrowing the losses recorded a year ago of $2.0 million, or 3 cents per share.

Net revenue of $55.0 million marked a 69 per cent increase over the $32.65 million recorded the year before.

Results beat expectations, which called for a loss of 4 cents per share on revenue of $53.3 million.

The online urban city guide, which describes itself as “the company that connects consumers with great local businesses”, reported cumulative review growth of 41 per cent year-over-year to more than 42.5 million as well as a 38 per cent uptick in average monthly unique visitors compared to a year ago to roughly 108 million. In addition, active local business accounts were up 62 per cent from the year before to top 50,000.

“We had a great second quarter with strong execution in all areas of our business as the Yelp brand becomes increasingly prevalent around the world,” said chief executive officer, Jeremy Stoppelman.  

“In the second quarter, we launched new features on the mobile app and created a Call to Action feature, yet another way for us to close the loop between consumers and local businesses.  As we look to the rest of the year, we will continue to focus on driving innovation in mobile, integrating Qype, and closing the loop with local businesses.”

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