Yelp Reports Second Quarter 2019 Financial Results
August 08 2019 - 4:05PM
Business Wire
Earnings per Share increased 30% year over
year to $0.16 on a diluted basis, driven by strong Net Income
growth and stock repurchases
Net Revenue grew to $247 Million, Net Income
rose to $12 Million, Adjusted EBITDA increased to a record of $55
Million
Returned $295 Million to shareholders
through share repurchases in the second quarter
Reaffirms 2019 Business Outlook
Yelp Inc. (NYSE: YELP), the company that connects people with
great local businesses, today posted its financial results for the
quarter ended June 30, 2019 in the Q2 2019 Shareholder Letter
available on its Investor Relations website at www.yelp-ir.com.
“I am proud of our team’s execution of Yelp’s business
transition in the first half, which helped us achieve our outlook
for the second quarter and sets the stage for revenue acceleration
in the second half,” said Jeremy Stoppelman, Yelp’s co-founder and
chief executive officer. “The significant progress we have made
this year, which includes delivering compelling new products,
driving greater value to our advertisers, and growing our
multi-location business, reinforces our confidence in achieving our
financial outlook for 2019.”
Yelp today separately announced that Charles “Lanny” Baker will
step down as Chief Financial Officer of Yelp, effective September
2, 2019, in order to accept an executive position at another
company. Finance Vice President James Miln will become interim
Chief Financial Officer upon Baker’s departure. Yelp has initiated
an executive search for a new CFO.
Quarterly Conference Call
Yelp will host a live Q&A session today at 2:00 p.m. Pacific
Time to discuss the second quarter 2019 financial results and its
Business Outlook for the third quarter and full year 2019. The
webcast of the Q&A can be accessed on the Yelp Investor
Relations website at www.yelp-ir.com. A replay of the webcast will
be available at the same website.
About Yelp
Yelp Inc. (www.yelp.com) connects people with great local
businesses. With unmatched local business information, photos, and
review content, Yelp provides a one-stop local platform for
consumers to discover, connect, and transact with local businesses
of all sizes by making it easy to request a quote, join a waitlist,
and make a reservation, appointment, or purchase. Yelp was founded
in San Francisco in July 2004.
Yelp intends to make future announcements of material financial
and other information through its Investor Relations website. Yelp
will also, from time to time, disclose this information through
press releases, filings with the Securities and Exchange
Commission, conference calls, or webcasts, as required by
applicable law.
Forward-Looking Statements
This press release contains forward-looking statements relating
to, among other things, Yelp’s future performance that are based on
its current expectations, forecasts, and assumptions that involve
risks and uncertainties. These statements include the statements
regarding Yelp’s expected revenue growth, plans to drive long-term
growth, expectation that its second quarter achievements and its
continued focus on its 2019 initiatives will accelerate revenue
growth in the second half of the year, and the success and timing
of Baker’s transition from Yelp.
Yelp’s actual results could differ materially from those
predicted or implied and reported results should not be considered
as an indication of future performance. Factors that could cause or
contribute to such differences include, but are not limited to,
Yelp’s:
- limited operating history in an evolving industry;
- ability to generate sufficient revenue to maintain
profitability, particularly in light of its significant ongoing
sales and marketing expenses;
- ability to generate and maintain sufficient high-quality
content from its users; and
- ability to maintain and expand its base of advertisers,
particularly as an increasing portion of advertisers have the
ability to cancel their advertising campaigns at any time.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190808005736/en/
Investor Relations Contact Kate Krieger 415-266-3513
ir@yelp.com
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