Yelp Inc YELP shares are trading sharply higher after the company reported better-than-expected second-quarter EPS and sales results and raised FY21 sales guidance.
Yelp reported quarterly earnings of 5 cents per share, which beat the analyst consensus estimate of a loss of 9 cents per share. Yelp also reported quarterly sales of $257 million, which beat the analyst consensus estimate of $245.60 million.
“The Yelp of 2021 looks very different than it did when we began implementing our strategic initiatives in 2019, as we continue to connect consumers with local businesses through trusted content and reviews,” said Jeremy Stoppelman, Yelp co-founder and CEO.
“We elevated the pace of product innovation, and made significant progress on our plan to drive advertising revenue growth from our Services categories as well as our Self-serve and Multi-location channels,” Stoppelman stated.
Yelp operates in the online content market based primarily in the United States. It provides a web-based platform and mobile application to bridge the gap between businesses and consumers.
Yelp's platform assists consumers through product reviews, tips, photos and videos thereby enabling them in making better buying decisions and posting their feedbacks.
Yelp is trading higher by 13% at $42.04 in Thursday's after-hours session. Yelp has a 52-week high of $43.86 and a 52-week low of $18.66.
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