Yelp Rises On Q2 Beat (YELP)
Yelp (NASDAQ: YELP) released its fiscal second-quarter earnings results after the closing bell on Wednesday.
The company reported a smaller-than-expected loss and revenue which topped Wall Street consensus expectations. Yelp also raised its full-year revenue outlook and provided sales guidance for the fiscal third-quarter.
"We had a great second quarter with strong execution in all areas of our business as the Yelp brand becomes increasingly prevalent around the world," said Jeremy Stoppelman, Yelp's chief executive officer. "In the second quarter, we launched new features on the mobile app and created a Call to Action feature, yet another way for us to close the loop between consumers and local businesses. As we look to the rest of the year, we will continue to focus on driving innovation in mobile, integrating Qype, and closing the loop with local businesses."
Fiscal Q2 Financial Results
Yelp reported a loss of $878,000, or $0.01 per share, compared to a loss of $2 million or $0.03 per share, in last year's corresponding period. This came in ahead of analysts' consensus EPS estimates calling for a loss of $0.04.
Sales in the quarter were up to $55 million from $32.7 million last year. This also exceeded Wall Street consensus sales estimates of $53.3 million.
Average monthly users at Yelp rose 38 percent to 108 million in the quarter. Active local business accounts jumped 62 percent to 51,400.
Q3 and Full-Year Guidance
For the third-quarter, the company provided sales guidance of $58 million to $59 million. This compares to current estimates calling for sales of $57.3 million in the quarter.
Yelp also lifted its full-year revenue outlook to a range of $222 million to $224 million from its earlier forecast of $216 million to $218 million. Currently, Wall Street has consensus sales estimates of $219.88 million for the full-year.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.