Yelp is a multinational corporation headquartered in San Francisco, California. It develops, hosts and markets Yelp.com and the Yelp mobile app, which publish crowd-sourced reviews about local businesses. The company also trains small businesses to respond to reviews responsibly, hosts social events for reviewers, and provides basic data about businesses, such as hours of operation.Yelp was founded in 2004 by former Paypal employees at the startup incubator MRL Ventures. It was initially an unsuccessful email-based referral service, but was re-launched on the basis of unsolicited online reviews in late 2005. Yelp grew quickly and raised several rounds of funding. By 2010 it had $30 million in revenues and the website had published more than 4.5 million crowd-sourced reviews. From 2009–2012, Yelp expanded throughout Europe and Asia. In 2009 it entered negotiations with Google for a potential acquisition, but a deal was never reached. Yelp became a public company in March 2012 and became profitable for the first time two years later. As of 2014, Yelp.com has 132 million monthly visitors and 57 million reviews. The company's revenues come from businesses being reviewed on the site paying to advertise.According to BusinessWeek, Yelp has "always had a complicated relationship with small businesses." Some of the disputes between Yelp and business owners are regarding businesses that fraudulently write reviews on their own locations, accusations of Yelp manipulating reviews to extort advertising spend, concerns about the authenticity of reviews as well as the privacy and freedom of speech of reviewers. Wikipedia.
News Article | August 3, 2017
BALTIMORE--(BUSINESS WIRE)--The Cordish Companies and Yelp WiFi are collaborating to offer free guest Wi-Fi throughout several of Cordish’s dining, entertainment and hospitality districts using enterprise Wi-Fi network solutions from Samsung Electronics America, Inc. The solution enables guests of these Cordish properties to gain fast, reliable and seamless connectivity for an enhanced user experience. Driven by a partnership between Cordish and Yelp WiFi – with Wi-Fi delivered by Samsung – the solution improves visitor journeys using mobility, while providing guests a more personalized experience while on-site via email, social media and SMS communication. Over the past several months, The Cordish Companies and Yelp WiFi have worked with Samsung to implement wireless networks at exciting entertainment and dining locations across the country, including Power Plant Live! in Baltimore, MD; Live! at the Battery in Atlanta, GA; and Waterside District in Norfolk, VA. Yelp WiFi enables businesses to use analytics technology to deliver a range of capabilities, including the ability to require an email or social profile from a customer who signs into a Cordish property’s Wi-Fi network. Each district’s marketing teams can then learn actionable insights and send real-time messages – such as coupons for on-site services – to customers' mobile phones without the need for an app. The Cordish Companies have more than ten decades of experience in commercial real estate, and is widely recognized as one of the world’s largest and most respected developers of transformative urban, mixed-use entertainment districts, with over 50 million visitors a year. Through collaboration with Yelp WiFi and Samsung, Cordish continues to expand its world class reputation in entertainment, hotel and hospitality development and operations using wireless connectivity. “It requires a great deal of innovation and adaptability to keep up with the ever-changing market trends,” stated Paul Weil, Director of IT for The Cordish Companies. “We’re proud to partner with Yelp WiFi and Samsung on this initiative. It is the ideal combination to ensure our guests across the country receive the highest level of hospitality, and can access powerful Wi-Fi—a key utility within the entertainment district experience.” To keep up with customers’ high-tech demands, The Cordish Companies and Yelp WiFi not only deliver free Wi-Fi on Samsung’s network, but also provide rewarding capabilities for Cordish customers, such as broadcasting social content on large venue screens or tagging people on video walls. Yelp WiFi’s marketing platform also lets guests receive exclusive promotional offers directly on their smartphones. To achieve this, Cordish required technology that keeps wireless connectivity consistently strong within large crowds and amongst many obstacles – including high ceilings, thick walls and moving parts such as mobile kiosks and balloons. Samsung 453 Enterprise Wireless Access Points were used to ensure uninterrupted content flow and smooth connectivity. “Wi-Fi is a powerful tool for learning about and triggering mobile interaction with consumers in the real world,” said Ryan Freeman, Associate Director of Partnerships at Yelp WiFi. “Yelp WiFi is working with the Cordish team to help bring the same type of personalized experience that consumers are used to online into Cordish’s real-world mixed-use districts. We are able to leverage Samsung’s leading Wi-Fi infrastructure in conjunction with Yelp WiFi’s cloud capabilities to make these experiences a reality.” “When a guest visits a business, not only is reliable Wi-Fi expected, but there’s also hope of uninterrupted coverage across entire facilities. With the vast size of each Cordish property, it was crucial that we create a solution to meet these important business needs,” said Imran Akbar, Vice President & General Manager for Wireless Enterprise at Samsung Networks. “Samsung’s network infrastructure was built to help Cordish and Yelp WiFi achieve their goal of great guest loyalty and satisfaction.” Formerly known as Turnstyle and acquired by Yelp in 2017, Yelp WiFi is a location-based marketing and analytics platform that utilizes public Wi-Fi to attract, retain and reward customers. Yelp WiFi enables clients to learn actionable insights about on-premises customer behavior and send real-time messages to customers’ phones. Yelp WiFi helps its clients monetize their Wi-Fi by introducing the same tools to the physical world as retailers have enjoyed online for over a decade. For more information or inquiries, contact firstname.lastname@example.org The Cordish Companies’ origins date back to 1910 and encompass four generations of privately-held, family ownership. During the past ten decades, The Cordish Companies has grown into a global leader in Commercial Real Estate; Coworking Spaces; Entertainment Districts; Gaming; Hotels; International Development; Private Equity; Residential; Restaurants; and Sports-Anchored Developments. One of the largest and most respected developers in the world, The Cordish Companies has been awarded an unprecedented seven Urban Land Institute Awards for Excellence for public-private developments that are of unique significance to the cities in which they are located. Prime examples are The Cordish Companies’ prominent role in the redevelopment of Baltimore’s world famous Inner Harbor; Philadelphia, PA; Atlantic City, NJ; Charleston, SC; Houston, TX; Louisville, KY; Kansas City, MO and St. Louis, MO. In addition, The Cordish Companies has developed and operates multiple highly acclaimed entertainment destinations throughout the United States which welcome over 50 million visitors per year and are the most visited destinations in their respective regions. Over the generations, The Cordish Companies has remained true to the family’s core values of quality, entrepreneurial spirit, long-term personal relationships and integrity. As a testimony to the long-term vision of its family leadership, The Cordish Companies still owns and manages virtually every business it has created. For more information visit www.cordish.com or follow us on Twitter. “The Cordish Companies,” “The Cordish Company” and “Cordish” are trademarks used under license by independent corporations, legal liability companies and partnerships (“Cordish Entities”). Each Cordish Entity is a separate, single-purpose legal entity that is solely responsible for its obligations and liabilities. No common operations or financial interdependency, and no intermingling of assets or liabilities of the Cordish Entities exists, or should be deemed to exist, as a result of the potential common reference to multiple independent entities operating under the names “Cordish,” “The Cordish Companies” or “The Cordish Company” here or elsewhere. Headquartered in Ridgefield Park, N.J., Samsung Electronics America, Inc. (SEA), is a recognized innovative leader in consumer electronics, mobile devices and enterprise solutions. A wholly owned subsidiary of Samsung Electronics Co., Ltd., SEA is pushing beyond the limits of today’s technology and providing consumers and organizations with a portfolio of groundbreaking products in appliances, home entertainment, Internet of Things, mobile computing, smartphones, virtual reality, wireless infrastructure and wearables, in addition to offering leading content and services related to mobile payments, 360-degree VR video, customer support and more. Samsung is a pioneering leader in smartphones and HDTVs in the U.S. and one of America’s fastest growing home appliance brands. To discover more about Samsung, please visit www.samsung.com. For the latest Samsung news, please visit news.samsung.com/us and follow us @SamsungNewsUS.
News Article | July 20, 2017
SAN FRANCISCO--(BUSINESS WIRE)--Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, today announced that it will issue its financial results for the second quarter ended June 30, 2017 after the market closes on Thursday, August 3, 2017. Yelp will host a conference call to discuss the results at 2:30 p.m. Pacific Time (5:30 p.m. Eastern Time) on the same day. To access the call, please dial 1 (844) 795-4421, or outside the U.S. 1 (661) 378-9638, with Passcode 58204832, at least five minutes prior to the 2:30 p.m. PT start time. A live webcast of the call will also be available at http://www.yelp-ir.com under the Events & Presentations menu. An audio replay will be available between 5:30 p.m. PT August 3, 2017 and 5:30 p.m. PT August 10, 2017 by calling 1 (855) 859-2056 or 1 (404) 537-3406, with Passcode 58204832. The replay will also be available on the Company's website at http://www.yelp-ir.com. Yelp Inc. (http://www.yelp.com) connects people with great local businesses. Yelp was founded in San Francisco in July 2004. Since then, Yelp communities have taken root in major metros in more than 30 countries. Approximately 26 million unique devices1 accessed Yelp via the Yelp app, approximately 84 million unique visitors visited Yelp via desktop computer2 and approximately 73 million unique visitors visited Yelp via mobile website3 on a monthly average basis during the first quarter of 2017. By the end of the same quarter, Yelpers had written approximately 127 million rich, local reviews, making Yelp the leading local guide for real word-of-mouth on everything from boutiques and mechanics to restaurants and dentists. 1 Calculated as the number of unique devices accessing the app on a monthly average basis over a given three-month period, according to internal Yelp logs. 2 Calculated as the number of “users,” as measured by Google Analytics, accessing Yelp via the desktop website on a monthly average basis over a given three-month period. 3 Calculated as the number of “users,” as measured by Google Analytics, accessing Yelp via the mobile website on a monthly average basis over a given three-month period.
News Article | August 3, 2017
"Grubhub and Yelp, market leaders in their respective fields, have a shared mission of connecting consumers to local businesses. With such complementary goals and strengths, Jeremy and I are excited to form a partnership that will allow each company to focus on its respective expertise, while working together to expand local e-commerce for diners and restaurants," said Matt Maloney, Grubhub's founder and chief executive officer. "Adding Eat24's large diner base and thousands of restaurants to our platform will accelerate Grubhub's mission to become the most comprehensive marketplace connecting takeout diners and restaurants. The long-term agreement ensures that Grubhub also has access to Yelp's enormous user base and clear content leadership to help drive more diners to our restaurants." "Bringing Grubhub onto the Yelp Platform through this long-term partnership will be a win for everyone. Consumers get a high-quality end-to-end experience with a wider selection of restaurants and better delivery options. Restaurant partners receive increased online exposure and the opportunity for increased order volume, as well as expanded delivery support. Yelp and Grubhub benefit from greater scale and sharper operating focus," said Jeremy Stoppelman, Yelp's co-founder and chief executive officer. "We expect Grubhub's acquisition of Eat24 to create significant value for our consumers, restaurant partners and stockholders. The Eat24 team deserves credit for the transformational impact they've had as part of Yelp, and I'm pleased that we will continue to pursue this huge market opportunity in partnership with Grubhub." The acquisition will benefit diners, restaurants, Grubhub and Yelp: The long-term partnership agreement between Grubhub and Yelp has an initial term of five years, commencing upon the closing of Grubhub's acquisition of Eat24. Additionally, Grubhub has entered into a definitive agreement to acquire Eat24 for $287.5 million in cash, subject to standard closing conditions, including the expiration of U.S. antitrust waiting periods. Grubhub's acquisition of Eat24 is expected to be funded through a combination of cash on hand and debt. Grubhub and Yelp will discuss the partnership and acquisition of Eat24 on their earnings calls today, at 3:30 p.m. Central Time / 1:30 p.m. Pacific Time and 4:30 p.m. Central Time / 2:30 p.m. Pacific Time, respectively. A live webcast of the conference calls will be available at https://investors.grubhub.com and www.yelp-ir.com. In connection with the acquisition of Eat24, Kirkland & Ells LLP is acting as legal advisor to Grubhub and Orrick Herrington & Sutcliffe LLP is acting as legal advisor to Yelp. About Grubhub Grubhub (NYSE: GRUB) is the nation's leading online and mobile takeout food-ordering marketplace with the most comprehensive network of restaurant partners and largest active diner base. Dedicated to moving eating forward and connecting diners with the food they love from their favorite local restaurants, the company's platforms and services strive to elevate food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub is proud to work with more than 55,000 restaurant partners in over 1,200 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, AllMenus and MenuPages. About Yelp Yelp Inc. (NYSE: YELP) connects people with great local businesses. Yelp was founded in San Francisco in July 2004. Since then, Yelp has taken root in major metros in more than 30 countries. Approximately 28 million unique devices accessed Yelp via the Yelp app, approximately 83 million unique visitors visited Yelp via desktop computer and approximately 74 million unique visitors visited Yelp via mobile website on a monthly average basis during the second quarter of 2017. By the end of the same quarter, Yelpers had written approximately 135 million rich, local reviews, making Yelp the leading local guide for real word-of-mouth on everything from boutiques and mechanics to restaurants and dentists. Use of Forward Looking Statements This press release contains forward-looking statements regarding Grubhub and Yelp management's future expectations, beliefs, intentions, goals, strategies, plans and prospects regarding Grubhub's acquisition of Eat24 and the long-term partnership between Grubhub and Yelp, as well as the potential impact of the acquisition and partnership on each company's financial results, business, consumers and restaurant partners, and the expected means of funding the acquisition. Such statements constitute "forward-looking" statements, which are subject to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and assumptions that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, with respect to Grubhub, the matters set forth in the filings that Grubhub makes with the Securities and Exchange Commission from time to time, including those set forth in the section entitled "Risk Factors" in Grubhub's Annual Report on Form 10-K filed on Feb. 28, 2017, which is on file with the SEC and are available on the Investor Relations section of Grubhub's website at http://investors.grubhub.com/ and, with respect to Yelp, the matters set forth in the filings that Yelp makes with the SEC from time to time, including those set forth under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Yelp's most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q at http://www.yelp-ir.com or the SEC's website at www.sec.gov. Please also note that forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. Except as required by law, Grubhub and Yelp assume no obligation to publicly update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.
News Article | March 1, 2017
SAN FRANCISCO--(BUSINESS WIRE)--Yelp Inc. (NYSE:YELP), the company that connects consumers with great local businesses, today announced it has acquired Nowait, a restaurant technology company with the industry’s leading waitlist system and seating tool. Previously, the company announced a strategic investment in Nowait and integrated its waitlist experience into the Yelp app, enabling restaurants to share real-time seating availability and providing an easy way for hungry diners to get in line remotely. Nowait is the perfect complement to booking tables with Yelp Reservations and ordering food for pickup and delivery through Yelp Eat24. Based in Pittsburgh, Pennsylvania, Nowait was founded in 2010 as the first mobile network for waitlist restaurants that enables users to discover real-time seating availability and remotely add their name to the waitlist. With Nowait integrated into Yelp, diners can move directly from their restaurant search to getting in line via the app, all within a few taps. The service also supports real-time communication between the restaurant and the customer. Nowait is live at about 4,000 restaurants across the United States and Canada with the ability to offer waitlist functionality and front of the house management to casual dining establishments. According to Statista, 54% of Americans have eaten in a casual dining restaurant monthly, three times the percentage who have eaten at fine dining restaurants. The Nowait system replaces paper lists or handheld buzzers with a simple experience delivered via smart phone, helping to drive more business for busy restaurants while meeting the needs of time strapped diners. " Yelp already plays a big role in millions of purchase decisions every day as consumers actively seek out businesses and services that save them time and money. The full integration of Nowait allows us to provide real-time seating availability that better equips diners to make informed decisions," said Jeremy Stoppelman, Yelp co-founder and chief executive officer. " Nowait has quickly become an important feature for Yelp users and a valuable addition to our overall restaurant offerings. With this acquisition, we’ll make even bigger strides in the restaurant industry by allowing Yelp users to more quickly move from search and discovery to transacting at a local business." " We’ve had a successful partnership and we’re excited to align fully with Yelp to drive even faster adoption. Together we’ll have the leading waitlist system in the restaurant industry paired with the largest engaged consumer base," said Ware Sykes, Nowait’s chief executive officer. The $40 million acquisition of the entirety of Nowait will be paid in cash, and includes the partial stake which Yelp acquired previously. The transaction, which was approved by the boards of directors of both companies, closed on February 28, 2017 and the purchase price will be reflected in Yelp's first quarter 2017 financial statements. Yelp Inc. (http://www.yelp.com) connects people with great local businesses. Yelp was founded in San Francisco in July 2004. Since then, Yelp has taken root in major metros in more than 30 countries. Approximately 24 million unique devices1 accessed Yelp via the Yelp app, approximately 73 million unique visitors visited Yelp via desktop computer2 and approximately 65 million unique visitors visited Yelp via mobile website3 on a monthly average basis during the fourth quarter of 2016. By the end of the same quarter, Yelpers had written approximately 121 million rich, local reviews, making Yelp the leading local guide for real word-of-mouth on everything from boutiques and mechanics to restaurants and dentists. 1 Calculated as the number of unique devices accessing the app on a monthly average basis over a given three-month period, according to internal Yelp logs. 2 Calculated as the number of “users,” as measured by Google Analytics, accessing Yelp via desktop computer on a monthly average basis over a given three-month period. 3 Calculated as the number of “users,” as measured by Google Analytics, accessing Yelp via the mobile website on a monthly average basis over a given three-month period. This press release contains forward-looking statements relating to, among other things, the anticipated benefits of Yelp’s acquisition of Nowait, Yelp’s strategy, plans, objectives, expectations and intentions with respect to Nowait, including with respect to offering Nowait products to Yelp-listed businesses, and other statements that are not historical facts. These forward-looking statements are based on Yelp’s current expectations, forecasts and assumptions, and inherently involve significant risks and uncertainties. Actual results and timing of events could differ materially from those predicted or implied in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks associated with the acquisition, such as the risk that the businesses will not be integrated successfully or that such integration may be more difficult, time consuming or costly than expected; risks related to future opportunities and plans for the combined company, including whether Nowait’s customers will continue to use the service following the acquisition, whether Yelp will be able to leverage its large distribution network to increase the customers using the service and whether the acquisition will drive engagement on Yelp; risks related to the potential disruption of both businesses in connection with the transaction; and the competitive and regulatory environment while Yelp continues to expand and introduce new products as new laws and regulations related to Internet companies come into effect. The forward-looking statements in this release do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof.
News Article | November 1, 2016
SAN DIEGO, CA--(Marketwired - Nov 1, 2016) - Chatmeter is partnering with Yelp Knowledge to integrate Yelp reviews into Chatmeter's local brand management platform, which currently analyzes reviews, rankings and listings for over 1,000,000 storefronts across the US. This partnership gives Chatmeter the ability to display full-text Yelp reviews, along with existing data streams from other channels such as Google, Facebook, Bing, Tripadvisor, Yahoo and many industry-specific review sites. This will make it simpler than ever for Chatmeter's customers to manage their brand presence in a fragmented media and local listings landscape. As a result of this collaboration, Chatmeter customers will not only have access to full review text from Yelp on the Chatmeter platform, they will also benefit from sentiment analysis conducted by Chatmeter on Yelp's review text. This will give customers a more nuanced understanding of how consumers view their brand and service, in turn enabling strategic decision making about customer service and operations at the store level. "Yelp led the way in pioneering the industry and creating value for local reviews among consumers and businesses," said Collin Holmes, Founder and CEO of Chatmeter. "We led the way in pioneering Local SEO and Review Management for enterprises to collect crucial store level customer feedback, respond to consumers, and improve operations at the store level. We are thrilled to be one of just a handful of preferred Yelp Knowledge Partners. With our explosive growth, it's important for us to have close partnerships with industry leading content providers that are essential to our platform." Started in 2009, Chatmeter was the first local reputation management platform in an industry that has expanded tremendously since then, given the growing need for brands to have a holistic understanding of the numerous channels via which consumers engage with their business. Chatmeter has delivered distinct value by enabling enterprise businesses with hundreds of locations to manage their Local SEO and marketing efforts at the store level. Among other things, the Chatmeter service provides: About Chatmeter Chatmeter (www.chatmeter.com) helps enterprise retail brands and agencies managing multiple locations increase their revenue. Since becoming the first local reputation platform in 2009, they now manage reviews, ranking and listings for over 1,000,000 storefronts. The benefit for customers is complete online presence management simplified into a single dashboard. Some clients include Sears, Comcast, Aaron's, Bruegger's Bagels, Texas de Brazil, and Dickey's BBQ. About Yelp Knowledge Yelp was founded in San Francisco in 2004, to connect people with great local businesses. Since then, Yelp communities have taken root in major metros across 32 countries and Yelpers have written more than 100 million rich, local reviews, making Yelp the leading local guide on everything from services to shopping and restaurants. Yelp Knowledge was launched in April 2016 to license this valuable data stream to third parties for brand management and operational insights, market research objectives and a host of other applications. If you think Yelp Knowledge could be helpful to your business, please visit https://www.yelp.com/knowledge or send an email to email@example.com for more information.
News Article | February 16, 2017
SAN FRANCISCO--(BUSINESS WIRE)--Yelp Inc. (NYSE: YELP), the company that connects consumers with great local businesses, announced today that longtime senior engineering manager Jason Fennell has been appointed senior vice president and will lead the company’s engineering efforts. After more than a decade with Yelp, current SVP of Engineering Michael Stoppelman will leave the company in the coming months to pursue personal interests and initiatives. Fennell joined Yelp in 2008 as an engineer responsible for search and data mining. He progressed through increasingly senior roles and was most recently Vice President of Engineering for Data Mining, with more than 150 reports spanning Yelp’s algorithmically focused teams as well as partnerships, data infrastructure and parts of the business owner product. He has also successfully led engineering recruiting for several years. Fennell holds a joint Bachelor of Science degree in computer science and mathematics from Harvey Mudd College, where he is also a member of the Board of Trustees. “During his more than eight years at Yelp, Jason has demonstrated both subject matter expertise and strong leadership skills,” said Yelp CEO and co-founder Jeremy Stoppelman. “He has also overseen the recruitment of many of our current engineering team members. Given this and the large portion of the engineering team he already manages, Jason is an obvious choice to head our engineering efforts going forward. I’m confident he will do a great job helping the team accomplish the important objectives we’ve put in place for 2017 and beyond.” “I would like to thank Michael for his decade of service to Yelp. He grew our engineering team more than 10x, put in place the people structure and technology architecture we rely on today, and developed processes that steer the team’s planning and execution. Yelp Engineering has truly become a force to be reckoned with and the whole company wishes Michael well,” Stoppelman continued. “I’m thrilled at the opportunity to lead Yelp’s engineering efforts,” said Fennell. “Michael has built up a world-class engineering organization and I’m looking forward to taking the helm.” “I’m very proud of what we’ve accomplished so far and Yelp’s engineering team has never been in a better place,” said Michael Stoppelman. “Jason is a longtime Yelp leader who has earned the deep respect of the entire team. I look forward to watching his success as Yelp embarks on the next stage of its growth.” Yelp Inc. (http://www.yelp.com) connects people with great local businesses. Yelp was founded in San Francisco in July 2004. Since then, Yelp has taken root in major metros in more than 30 countries. Approximately 24 million unique devices1 accessed Yelp via the Yelp app, approximately 73 million unique visitors visited Yelp via desktop computer2 and approximately 65 million unique visitors visited Yelp via mobile website3 on a monthly average basis during the fourth quarter of 2016. By the end of the same quarter, Yelpers had written approximately 121 million rich, local reviews, making Yelp the leading local guide for real word-of-mouth on everything from boutiques and mechanics to restaurants and dentists. 1 Calculated as the number of unique devices accessing the app on a monthly average basis over a given three-month period, according to internal Yelp logs. 2 Calculated as the number of “users,” as measured by Google Analytics, accessing Yelp via desktop computer on a monthly average basis over a given three-month period. 3 Calculated as the number of “users,” as measured by Google Analytics, accessing Yelp via the mobile website on a monthly average basis over a given three-month period.
News Article | October 28, 2015
Yelp just released its financial results for Q3, beating Wall Street expectations with revenue of $143.6 million, and earnings per share of $0.03. Net revenue was up 40% year over year. Yelp’s cumulative reviews grew 35% year over year reaching 90 million while app unique devices grew 39% to about 20 million on a monthly average basis. Local advertising accounts grew 37% year over year to about 104,200. Local ad revenue totaled $115.9 million for the quarter. Transactions revenue was $12 million and brand advertising revenue was $9 million. Other revenue was $6.7 million. CEO Jeremy Stoppelman said, “We executed well this quarter. Consumers are increasingly discovering our app, which represents approximately 70% of engagement across our entire ecosystem. We believe that our highly engaging app, combined with our native local advertising products that generate high ROI for our customers, strongly positions us to capture the large market opportunity.” “We are pleased with our 40% year over year revenue growth,” added CFO Rob Krolik. “We are investing in the business through our marketing programs and continued sales team growth as we work to achieve our goal of becoming the leading destination for consumers connecting with great local businesses.” Yelp shares quickly jumped 7% in after hours trading upon the release. Here’s the release in its entirety: SAN FRANCISCO, Oct. 28, 2015 /PRNewswire/ — Yelp Inc. (NYSE: YELP), the company that connects consumers with great local businesses, today announced financial results for the third quarter ended September 30, 2015. Net loss in the third quarter of 2015 was $(8.1) million, or $(0.11) per share, compared to a net income of $3.6 million, or $0.05 per share, in the third quarter of 2014. Non-GAAP net income, which consists of net income excluding stock-based compensation and amortization was$2.7 million, or $0.03 per share, for the third quarter of 2015. Net revenue for the nine months ended September 30, 2015 was $396.0 million, an increase of 48% compared to$267.6 million in the same period last year. Adjusted EBITDA for the nine months ended September 30, 2015 was$51.6 million compared to $45.8 million in the first nine months of 2014. Net loss for the nine months endedSeptember 30, 2015 was $(10.7) million, or $(0.14) per share, compared to net income of $3.7 million, or $0.05per share, in the comparable period in 2014. Non-GAAP net income for the nine months ended September 30, 2015 was $19.9 million, or $0.26 per share, compared to non-GAAP net income of $25.8 million, or $0.34 per share, in the comparable period in 2014. “We executed well this quarter,” said Jeremy Stoppelman, Yelp’s chief executive officer. “Consumers are increasingly discovering our app, which represents approximately 70% of engagement across our entire ecosystem. We believe that our highly engaging app, combined with our native local advertising products that generate high ROI for our customers, strongly positions us to capture the large market opportunity.” “We are pleased with our 40% year over year revenue growth,” added Rob Krolik, Yelp’s chief financial officer. “We are investing in the business through our marketing programs and continued sales team growth as we work to achieve our goal of becoming the leading destination for consumers connecting with great local businesses.” Yelp is providing its outlook for the fourth quarter and updated outlook for the full year of 2015. To access the call, please dial 1 (800) 708-4539, or outside the U.S. 1 (847) 619-6396, with Passcode 40935655, at least five minutes prior to the 1:30 p.m. PT start time. A live webcast of the call will also be available at http://www.yelp-ir.com under the Events & Presentations menu. An audio replay will be available between 4:00 p.m. PT October 28, 2015 and 11:59 p.m. PT November 4, 2015 by calling 1 (888) 843-7419 or 1 (630) 652-3042, with Passcode 40935655. The replay will also be available on the Company’s website at http://www.yelp-ir.com. Yelp Inc. (http://www.yelp.com) connects people with great local businesses. Yelp was founded in San Franciscoin July 2004. Since then, Yelp communities have taken hold in major metros across 32 countries. Approximately 89 million unique visitors visited Yelp via their mobile device3, including 20 million unique devices accessing the Yelp app1, and approximately 79 million unique visitors visited Yelp via a desktop computer4 on a monthly average basis during the third quarter of 2015. By the end of the same quarter, Yelpers had written approximately 90 million rich, local reviews, making Yelp the leading local guide for real word-of-mouth on everything from boutiques and mechanics to restaurants and dentists. 1 Calculated as the number of unique devices accessing the app on a monthly average basis over a given three-month period, according to internal Yelp logs. 2 Local advertising accounts comprise all local business accounts from which we recognize local advertising revenue in a given three-month period. 3 Calculated as the number of “users,” as measured by Google Analytics, accessing Yelp via mobile web plus unique devices accessing the app, each on a monthly average basis over a given three-month period. 4 Calculated as the number of “users,” as measured by Google Analytics, accessing Yelp via desktop computer on an average monthly basis over a given three-month period. This press release includes information relating to adjusted EBITDA, non-GAAP net income and non-GAAP net income per share, each of which the Securities and Exchange Commission has defined as a “non-GAAP financial measure.” Adjusted EBITDA, non-GAAP net income and non-GAAP net income per share have been included in this press release because they are key measures used by Yelp management and board of directors to understand and evaluate core operating performance and trends, to prepare and approve its annual budget and to develop short- and long-term operational plans. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Adjusted EBITDA and non-GAAP net income have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of Yelp’s financial results as reported under GAAP. Some of these limitations are: Because of these limitations, you should consider adjusted EBITDA, non-GAAP net income and non-GAAP net income per share alongside other financial performance measures, including various cash flow metrics, net income (loss) and Yelp’s other GAAP results. Additionally, Yelp has not reconciled its adjusted EBITDA outlook for the fourth quarter and full year 2015 to its net income (loss) outlook because it does not provide an outlook for other income (expense) and provision for income taxes, which are reconciling items between net income (loss) and adjusted EBITDA. As items that impact net income (loss) are out of Yelp’s control and cannot be reasonably predicted, Yelp is unable to provide such an outlook. Accordingly, reconciliation to net income (loss) outlook for the fourth quarter and full year 2015 is not available without unreasonable effort. For a reconciliation of historical non-GAAP financial measures to the nearest comparable GAAP measures, see the non-GAAP reconciliations included below in this press release. This press release contains forward-looking statements relating to, among other things, the future performance of Yelp and its consolidated subsidiaries that are based on Yelp’s current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements regarding expected financial results for the fourth quarter and full year 2015, Yelp’s ability to capture a meaningful share of the large local market, Yelp’s expectations regarding local advertising as the primary driver of growth, Yelp’s estimates regarding local advertisers’ ROI on advertising spend, the future growth in Yelp revenue and continued investing by Yelp in its future growth, Yelp’s ability to drive daily usage and engagement (particularly on mobile), increase awareness of Yelp among consumers, and deliver value to local businesses, Yelp’s ability to take advantage of trends toward app usage and native advertising and to become the leading destination for consumers connecting with great local businesses. Yelp’s actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Factors that could cause or contribute to such differences include, but are not limited to: Yelp’s short operating history in an evolving industry; Yelp’s ability to generate sufficient revenue to maintain profitability, particularly in light of its significant ongoing sales and marketing expenses; Yelp’s ability to successfully manage acquisitions of new businesses, solutions or technologies, such as Eat24, and to integrate those businesses, solutions or technologies; Yelp’s reliance on traffic to its website from search engines like Google and Bing; Yelp’s ability to generate and maintain sufficient high quality content from its users; maintaining a strong brand and managing negative publicity that may arise; maintaining and expanding Yelp’s base of advertisers; changes in political, business and economic conditions, including any European or general economic downturn or crisis and any conditions that affect ecommerce growth; fluctuations in foreign currency exchange rates; Yelp’s ability to deal with the increasingly competitive local search environment; Yelp’s need and ability to manage other regulatory, tax and litigation risks as its services are offered in more jurisdictions and applicable laws become more restrictive; the competitive and regulatory environment while Yelp continues to expand geographically and introduce new products and as new laws and regulations related to Internet companies come into effect; Yelp’s ability to timely upgrade and develop its systems, infrastructure and customer service capabilities. The forward-looking statements in this release do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof. More information about factors that could affect Yelp’s operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Yelp’s most recent Quarterly Report on Form 10-Q at http://www.yelp-ir.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to Yelp on the date hereof. Yelp assumes no obligation to update such statements.
News Article | October 28, 2015
It appears Big Blue might be close to securing a big digital acquisition. Shares of International Business Machines are up slightly off the news. Let's take a look at tech stocks to watch Wednesday: IBM. The tech giant could announce a deal Wednesday to acquire the digital and data assets of The Weather Channel owner Weather Co., reports The Wall Street Journal. The acquisition is valued at $2 billion. Weather Co. CEO David Kenny will reportedly join IBM's once the deal closes. Twitter. Wall Street is not happy with the social network's stalled user growth. Shares are down 11% after the company reported 320 million monthly active users in the third quarter, missing estimates. Twitter also fell short of analyst forecasts for its fourth-quarter outlook. Apple. Shares of the iPhone maker are up nearly 2% as a huge bump in fourth quarter earnings and revenue were offset by a weaker-than-expected outlook for the first quarter. During the fourth quarter, Apple sold 48 million iPhones and earned $11.1 billion. Yelp. The online recommendations site announces third quarter earnings after the markets close. Analysts forecast Yelp will report a loss of 9 cents a share off $141.42 million in revenue.
News Article | December 14, 2016
SAN DIEGO, Dec. 14, 2016 /PRNewswire/ -- Empyr, the fast-growing online-to-offline (O2O) marketing platform, today announced a partnership with Yelp Inc., the company that connects people with great local businesses, to close the loop of online-to-offline commerce with the launch of...
News Article | March 2, 2017
Lead Plumbing, a plumbing agency that provides emergency plumbing services to the residents in Katy, Houston, has recently received five star rating on Yelp. The Katy-based plumbing agency has received positive reviews from its satisfied customers. “We have continued striving for excellence and we have been rightly rewarded for our hard work. Customer service doesn’t imply merely coming and fixing issues. We treat our clients as part of our extended family, which is why our experts walk the extra mile in focusing on the best solutions to their problems,” said the CEO of the company during a press conference. At Lead Plumbing, satisfaction of customers and interaction are the top priorities of the service providers. “This is basically how a service provider can ensure great business growth and long-term rapport with all,” added the CEO when asked how the company has gradually emerged as one of the favorites in the US. On Yelp, a widely used business directory, the local business has gradually become one of the most positively rated agencies in its category. The owners maintained that their religious adherence to the industry standards and best practices has helped them climb to the top. They also added that they put high emphasis on customer service. “Business directories such as Yelp help us in a big way to connect to our potential customers. We get a chance of finding our flaws or areas that require improvement, including plumbing, electrical work, maintenance of sewers and drains, indoor air quality, heating, cooling and so on. Besides, we also get a chance to be reviewed for each job we handle” said a senior executive of the plumbing company in Katy, TX. About the Company Lead Plumbing is a reputed plumbing agency of US. To know more, visit http://katy-plumbing-tx.com/ or call at (713) 561-3463 or send an email at info(at)katy-plumbing-tx(dot)com