Yelp Inc ( (YELP) ) has released its Q3 earnings. Here is a breakdown of the information Yelp Inc presented to its investors.
Yelp Inc. is a community-driven platform that connects people with local businesses, providing reviews and information to assist in consumer spending decisions. In its latest earnings report for the third quarter of 2024, Yelp announced a 4% increase in net revenue to $360 million and a net income of $38 million, reflecting an 11% margin. The company also reported an adjusted EBITDA of $101 million, which represents a 28% margin. Notably, Yelp has entered into an agreement to acquire RepairPal, an auto services platform, for $80 million in cash, as part of its strategy to expand its offerings in the U.S. auto services advertising vertical. Key financial highlights from the report include a record $228 million in advertising revenue from services businesses, indicating an 11% year-over-year increase, driven by a strong performance in the Home Services category. Despite ongoing challenges in the Restaurants, Retail, and Other categories, Yelp’s disciplined expense management is evident in its current financial performance. Looking ahead, Yelp’s management remains optimistic, adjusting its full-year outlook for net revenue and adjusted EBITDA, and is committed to leveraging strategic acquisitions like RepairPal to bolster its services offerings and maintain growth momentum.
