(Adds details, estimates, shares)
April 30 Yelp Inc, the operator of
consumer review website Yelp.com, reported a
better-than-expected 66 percent jump in quarterly revenue due to
higher revenue from local advertising on mobile devices.
Shares of Yelp, which went public in March 2012, rose 5
percent in extended trading.
According to Google Analytics, Yelp's average monthly mobile
unique visitors grew 52 percent to about 61 million in the first
quarter ended March 31.
"We also entered into an advertising partnership with YP.com
(Yellow Pages website) which will enable us to introduce Yelp to
an even broader pool of business owners," Chief Executive Jeremy
Stoppelman said in a statement.
Yelp's mobile app combines reviews and other relevant
information with knowledge of the consumer's location. It also
allows consumers to "check in" at local businesses.
Yelp forecast revenue of $85 million to $86 million for the
second quarter ending June.
Analysts on average were expecting $85.4 million, according
to Thomson Reuters I/B/E/S.
Yelp's net loss narrowed to $2.6 million, or 4 cents per
share, in the first quarter from $4.8 million, or 8 cents per
share, a year earlier.
The San Francisco-based company, whose rivals include
internet search engines of Google Inc and Yahoo Inc
and Microsoft Corp's Bing, said revenue rose
to $76.4 million from $46.1 million.
Analysts on average had expected a loss of 6 cents per share
on revenue of $75.1 million.
The company said it expanded in Latin America and Asia with
the launch of services in Mexico and Japan.
Yelp, which has been expanding into restaurant bookings,
event management and payments, entered Germany with the
acquisition of Qype in 2012.
It later bought San Francisco-based online restaurant
reservation company SeatMe Inc in July to compete better with
Yelp's shares closed at $58.32 on the New York Stock
Exchange on Wednesday.
(Reporting by Lehar Maan in Bangalore; Editing by Kirti Pandey)