Zinger Key Points
- Yelp reported record revenue and net income growth in 2024, driven by its services segment.
- Services advertising grew 11%, while restaurant, retail, and other (RR&O) ad revenue declined 3%.
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Yelp Inc. YELP shares are trading lower Friday following the company's fourth-quarter financial results.
What To Know: Yelp reported record 2024 net revenue of $1.41 billion, reflecting a 6% increase year-over-year.
However, advertising revenue from restaurant, retail, and other categories (RR&O) declined 3% year-over-year to $470 million. Total paying advertising locations decreased 5% as declines in RR&O locations offset services growth. Ad clicks increased by 6%, while average cost-per-click remained flat.
On the consumer side, Yelp's users contributed 21 million new reviews in 2024, bringing the total to 308 million, up 7% from 2023. Looking ahead, Yelp expects 2025 net revenue between $1.47 billion and $1.485 billion.
Yelp's fourth-quarter results marked the company's 15th consecutive quarter of double-digit year-over-year growth in services revenue. CFO David Schwarzbach noted profitability improvements and a 40% increase in diluted earnings per share due to share count reductions.
Yelp Price Action: Yelp shares were down 5.63% at $38.26 at the time of writing, according to Benzinga pro.
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