Yelp Shares Tumble After Q1 Results

Shares of Yelp Inc YELP tumbled more than 13 percent in after-hours trading after the company reported results for the first quarter. The company posted a quarterly net loss of $1.3 million, or $0.02 per share, versus a year-ago net loss of $2.6 million, or $0.04 per share. Non-GAAP net income came in at $7.9 million, or $0.10 per share, for the quarter. Its net revenue climbed 55 percent year-over-year to $118.5 million in the first quarter. However, analysts were expecting a profit of $0.01 per share on revenue of $119.98 million. The average estimate among 54 Estimize users was for earnings of $0.02 per share and revenue of $119.47 million. Local advertising revenue climbed 51 percent year-over-year to $98.6 million in the quarter. Brand advertising revenue slipped 11 percent to $6.6 million, while other revenue jumped 254 percent to $13.3 million in the quarter. Adjusted EBITDA rose 92 percent to $16.3 million in the quarter. Cumulative reviews increased 36 percent to around 77 million in the first quarter. Average monthly unique visitors rose 8 percent year-over-year to around 142 million. Average monthly mobile unique visitors rose 29 percent to around 79 million, while average monthly desktop unique visitors slipped 3 percent to approximately 80 million. "We are excited about our start to the year as we've made significant progress on our key initiatives for 2015," said Jeremy Stoppelman, Yelp's chief executive officer. "In the first quarter, we acquired Eat24 to drive daily usage and improved utility of Yelp and added partners in five additional verticals of Yelp Platform. Looking to the rest of the year, we will continue to seek ways to increase engagement and drive awareness, while striving to demonstrate the value we can deliver to local businesses in order to capture the large local advertising market opportunity." For the second quarter of 2015, Yelp projects net revenue of $131 million to $134 million, versus analysts' estimates of $138.4 million. It also expects adjusted EBITDA of $22 million to $24 million. For the full year of 2015, the company reiterates its net revenue outlook of $574 million to $579 million. Yelp shares dipped 13.42 percent to $44.40 in the after-hours trading session.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceloss
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!