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UPDATE 1-OpenTable Q3 profit beats Street view; shares rise
November 2, 2010 / 9:34 PM / 7 years ago

UPDATE 1-OpenTable Q3 profit beats Street view; shares rise

* Q3 adj EPS $0.23 vs $0.15

* Revenue up 44 pct

* Shares up 11 pct in after-market trade

Nov 2 (Reuters) - OpenTable Inc OPEN.O, the restaurant reservation platform, reported a higher third-quarter profit that topped Wall Street estimates as more restaurants used its services, sending its shares up 11 percent in extended trade.

The San Francisco-based company reported a net profit of $3.8 million, or 16 cents a share, compared with $896,000, or 4 cents a share, a year ago.

Excluding items, the company earned 23 cents a share.

Revenue rose 44 percent to $24.5 million.

Analysts had expected a profit of 15 cents a share, excluding exceptionals, on revenue of $23.2 million, according to Thomson Reuters I/B/E/S.

The company’s installed restaurant base as of Sept. 30 was up 31 percent at 15,246, and seated diners jumped 54 percent to 15.9 million.

The company generates substantially all of its revenue from its restaurant customers. OpenTable’s revenue includes monthly subscription fees and a fee for each restaurant guest seated through online reservations.

OpenTable stock, which has more than doubled in value this year, rose to $68.21 Tuesday in trading after the bell. The stock closed at $61.40 on Nasdaq. (Reporting by Supantha Mukherjee in Bangalore; Editing by Anne Pallivathuckal)

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