OpenTable's CEO Appears on CNBC
Earlier, OpenTable's (NASDAQ: OPEN) CEO, Matthew Roberts, appeared on CNBC. Yesterday, OpenTable's stock rallied sharply on news that Google would be enhancing its use of Zagat in its Google Local initiative.
Roberts talked about the potential growth opportunities for OpenTable, noting that only 12% of US reservations are currently online. He emphasized the recent acquisition of UK-based Toptable, stating that UK provided a meaningful growth opportunity. Roberts stated that the company's investments are geared for the long-term.
When asked about the state of the broader restaurant market, Roberts stated that the restaurant business had been enjoying a modest, year-over-year growth rate near 2-3%. However, around March, growth slowed as is about flat on the year.
Currently, shares of OpenTable are trading down about 4% on the session.
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