(Reuters) - Consumer review website Yelp Inc reported a rise in first-quarter revenue as it entered 11 new markets during the quarter and the company forecast an upbeat second quarter.
Yelp, which went public in March, forecast second-quarter revenue of $29 million to $31 million.
Yelp made a sparkling market debut buoyed by optimism ahead of Facebook’s public listing.
“Our initial public offering added $114 million to our balance sheet, adding strength to our financial foundation as we look to continue investing in our rapid growth,” Rob Krolik, Yelp’s chief financial officer said in a statement.
Yelp, which competes with Angie’s List, generates revenue by selling advertising on its sites, where it has more than 25 million reviews of a range of local businesses and services - from plumbers and shoe-repair shops to restaurants and nightlife options.
Yelp reported first-quarter net loss attributable to common stockholders of $9.8 million, or 31 cents per share, compared with a loss of $2.8 million, or 19 cents per share, a year ago.
The company has incurred losses since inception.
Net revenue rose 66 percent to $27.4 million.
Shares of the San Francisco-based company, which listed at $15 per share, fell 16 cents in extended trade. The stock closed at $23.16 on Wednesday on the Nasdaq.
Reporting by Supantha Mukherjee in Bangalore; Editing by Supriya Kurane