Why Yelp Stock Is On The Move After Hours

Yelp Inc YELP shares are trading higher in Thursday's after-hours session after the company reported strong full-year results driven by its product-led strategy and issued guidance above estimates.

What Happened: Yelp said 2022 revenue increased 16% year-over-year to $1.2 billion after fourth-quarter revenue came in at $309.1 million, which beat consensus estimates of $306.5 million, according to Benzinga Pro.

The company reported quarterly earnings of 28 cents per share, which was in line with average analyst estimates.

"We delivered a number of record financial results in 2022 thanks to the strong execution of our teams on our product-led strategy. Record net revenue, driven by record advertising revenue from services businesses as well as in our most efficient sales channels, reflected strong advertiser demand across categories," said Jeremy Stoppelman, co-founder and CEO of Yelp.

"We also reached record levels in the number of business locations that advertise on Yelp and the average amount each location spends, signaling that our product investments are paying off. Looking ahead, we're confident in our plan to drive profitable growth over the long term."

Yelp expects full-year 2023 net revenue to be in the range of $1.29 billion to $1.31 billion versus estimates of $1.29 billion.

See Also: Why Cloudflare Stock Is Rising After Hours

YELP Price Action: Yelp has a 52-week high of $39.27 and a 52-week low of $25.30.

The stock was up after hours 10.21% at $34 at the time of publication, according to Benzinga Pro.

Photo: Sean from Flickr.