Yelp Withdraws First Quarter and Full-Year 2020 Business Outlook Due to COVID-19
March 19 2020 - 04:30PM
Business Wire
Yelp Inc. (NYSE: YELP), the company that connects people with
great local businesses, announced today that it is withdrawing its
first quarter and full-year 2020 Business Outlook provided in its
Shareholder Letter on February 13, 2020 due to heightened
uncertainty related to COVID-19 and its impact on local economies
and consumer activity.
“With the rapid spread of COVID-19 across the United States, we
have witnessed a growing number of state and local governments
restrict public life,” said Jeremy Stoppelman, Yelp’s co-founder
and chief executive officer. “Even as Yelp remains well positioned
with a broad customer base and strong balance sheet, we believe it
is appropriate to withdraw our first quarter and full-year 2020
guidance. While we cannot determine the full extent of COVID-19’s
impact on our business at this time, we are monitoring this rapidly
evolving situation closely and look forward to discussing our
business in greater detail as part of our first quarter 2020
earnings results.”
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.
Forward-Looking Statements
This press release contains forward-looking statements relating
to Yelp’s future performance, including that its business is well
positioned, that are based on its current expectations, forecasts,
and assumptions that involve risks and uncertainties.
Yelp’s actual results could differ materially from those
predicted or implied, and such statements should not be considered
as a guarantee of future performance. Factors that could cause or
contribute to such differences include, but are not limited to:
- the ongoing impact of COVID-19 on local economies and consumer
activity, as well as on employee productivity;
- Yelp’s ability to maintain and expand its base of
advertisers;
- Yelp’s ability to generate sufficient revenue to maintain
profitability, particularly in light of its significant ongoing
sales and marketing expenses; and
- Yelp’s ability to generate and maintain sufficient high-quality
content from its users.
Factors that could cause or contribute to such differences also
include, but are not limited to, those factors that could affect
Yelp’s business, operating results and stock price included under
the captions “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in
Yelp’s Annual Report on Form 10-K at www.yelp-ir.com or the SEC’s
website at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20200319005783/en/
Investor Relations Contact Kate Krieger ir@yelp.com
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