Yelp Reports Q1 Earnings; International Traffic Grows 95%

Wednesday afternoon,

reported its first quarter earnings, shares of the company originally plummeted but have since then rebounded and are now miraculously trading up $0.05 or 0.09 percent per share to $58.41. The company topped analysts' expectations and reported a smaller-than-expected net loss. "We had a great start to the year and are excited about the large opportunity ahead of us," said Jeremy Stoppelman, Yelp's chief executive officer. "Yelp is becoming the gold standard in local search. In the first quarter, we announced our integration into Yahoo local search, building on our existing partnerships with Apple Maps and Bing. We also entered into an advertising partnership with YP.com which will enable us to introduce Yelp to an even broader pool of business owners. Looking to the rest of the year, we will continue to support and engage our community of Yelpers, expand geographically and create innovative products that close the loop with business owners." Additionally, the company reported revenue for the first quarter at $76.4 million, and also reported a net loss of $0.04 per share. Analysts were expecting revenues of $75 million and a $0.06 net loss per share. "We continue to deliver outstanding results with year over year revenue growth of 66%," added Rob Krolik, Yelp's chief financial officer. "We are pleased to announce that we are raising guidance for the full year due to the momentum we're seeing in the business. We will also continue to invest in hiring, geographic expansion and product innovation to capture the large local opportunity in front of us." For this quarter the company is seeing revenues from $85.0 to $86.0 million. For the entire year, the company increased its outlook to $363.0 to $367.0 million. The company also continues to expand internationally, in the first quarter, international reviews grew 210% and international traffic grew 95% year over year.