SAN FRANCISCO (AP) — Yelp’s second-quarter results blew past Wall Street expectations, fueled by a 21 percent surge in advertising revenue.
The online business reviews company raised its profit forecast for the year and its stock soared almost 14 percent in after-hours trading.READ MORE: Bay Area Health Workers Cheer Newly-Approved 1-Shot Johnson & Johnson Vaccine
The San Francisco-based company on Wednesday reported net income of $10.7 million, or 12 cents per share. Earnings, adjusted for stock option expense, came to 38 cents per share. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
It posted revenue of $234.9 million in the period, also exceeding Street forecasts. Fourteen analysts surveyed by Zacks expected $231.9 million.
Advertising revenue rose to $226.2 million from $187.7 million a year earlier.READ MORE: Antioch Gas Station Shooting Leaves Man Suffering Life-Threatening Injuries
For the current quarter ending in October, Yelp said it expects revenue in the range of $242 million to $246 million. That’s up from a previous forecast of $230 million to $233 million.
The company expects full-year revenue in the range of $952 million to $967 million. That’s up from a previous forecast of $943 million to $967 million.
Shares in Yelp Inc. rose $5.22, or 13.6 percent, to $43.38 in after-market trading.MORE NEWS: Hundreds Rally in San Mateo to Denounce Violence Against Asian Americans
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