Yelp Inc Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Yelp Inc. Reports Q2 2024 Financial Results
Yelp Inc. (NYSE:YELP), the trusted platform for connecting people with local businesses, today announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2023 | Q2 2024 | YoY Change | Consensus Estimates | Beat/Miss |
|---|---|---|---|---|---|
| Net Revenue | $337M | $357M | +6% | $353M | Beat |
| Earnings Per Share (EPS) | Not Provided | $0.27 | Not Provided | $0.27 | Meet |
| Net Income | $15M | $38M | +158% | Not Provided | – |
| Adjusted EBITDA | $83.5M | $91M | +9% | Not Provided | – |
Financial Performance Interpretation: Based on the table, Yelp exceeded revenue expectations by reporting $357 million against the consensus estimate of $353 million, indicating strong sales execution. EPS met the consensus estimate at $0.27, and the significant year-over-year growth in net income (158%) and adjusted EBITDA (9%) highlights effective cost management and operational efficiency.
Revenue Breakdown by Major Segments
| Segment | Revenue Q2 2023 | Revenue Q2 2024 | YoY Change |
|---|---|---|---|
| Home Services | Not Provided | +15% YoY | Not Provided |
| Self-Serve Channel | Not Provided | +20% YoY | Not Provided |
Segment Performance Interpretation: Home Services and the self-serve channel showcased impressive growth with year-over-year increases of 15% and 20%, respectively. The self-serve channel hit a record revenue level, indicating robust consumer demand and effective strategy execution.
Comments from Company's Officers: CEO Jeremy Stoppelman emphasized that Yelp has delivered strong profitability and record net revenue, attributed to the strategic focus on product-led growth, particularly in home services and self-serve channels. CFO David Schwarzbach highlighted the increased net income margin and adjusted EBITDA margin, emphasizing strategic focus despite a challenging operating environment.
Dividends and Share Repurchase Program: NULL Announced.
Forward Guidance: Yelp has adjusted its full-year outlook to $1.410 billion to $1.425 billion in net revenue and $325 million to $335 million in adjusted EBITDA.
Stock Price Movement: Following the earnings release, Yelp's stock experienced a positive movement, increasing by approximately 0.54%.
Overall, Yelp Inc. demonstrated solid financial health and operational strength in Q2 2024, exceeding revenue expectations and achieving significant growth in key metrics. The positive outlook for the full year and the steady stock price increase reflect investor confidence in Yelp's strategy and execution capabilities.
