Yelp reported its earnings for Q3 2012, with net revenue increasing to $36.4 million, up around 63% year-over-year. It also managed to almost halve its net loss to $2 million from $3.8 million last year. Its total net revenue for the first nine months of 2012 increased to $96.4 million.
Jeremy Stoppelman, Yelp’s CEO, said:
“We had a great quarter, fueled by the rich, authentic local content created by Yelpers around the world. Our innovative drive and focus on community are key to capturing the opportunity before us. Mobile remains a top priority and we expect it to be a key driver of engagement and success in the future. As we continue to build Yelp communities around the world and connect consumers with great local businesses, we further fulfill our mission to be the de facto local search engine.”
Yelp continued to expand globally, fueled by cash from its IPO. It launched in Helsinki and Singapore, bringing the total number of Yelp markets to 96. Yelp’s cumulative total reviews grew almost 50% year-over-year to 33 million, and its average monthly unique visitors increased 37% to 84 million. Active local business accounts, the direct metric for its profitability increased 82% to 35.5k.
Yelp saw mobile usage increasing, with nearly 8 million unique devices using its apps, and 45% of all searches originating on mobile devices.
Yelp’s integration with Siri in iOS 6 also helped it boost its mobile app usage. It also launched its redesigned homepage to boost engagement and offer more relevant recommendations.
Yelp is projecting revenue of around $40 million in Q4 2012, which should bring its yearly revenue just short of $140 million.
It ended the quarter with $123 million in cash reserves.
via Yelp – SEC