Yelp (News - Alert), the local business review website has just released its revenue numbers for the first quarter of 2012 and it appears the company is gaining strength. Yelp is looking to make itself one of the real powers in this new internet bubble, which has seen a lot of good companies’ record insane profits over the last few years. Yelpreleased an IPO earlier this year and it appears that while some companies have struggled to keep expectations high after less than impressive offerings, the numbers show Yelp was actually able to increase revenue by a great deal over their first quarter of 2011.
Revenue actually increased to $27.4 million in 2012, which equates to a pretty impressive 66 percent increase over 2011. Even better news for the company is that while money continues to pour in, so do subscribers. Yelp reportsthat cumulative reviewers reached 27.6 million. That number shows a 59 percent growth over the first quarter of 2011. The company has also reported that average monthly unique visitors is now sitting at 71.4 million, which is a 53 percent increase from a year ago.
Of course, not all the numbers were wine and roses. With more popularity comes extra spending in order to get the companies name and services out there. The Net Loss actually increased over 2011 and the EPS was actually slightly worse than what they were expecting to see. The EPS was a loss of $0.31, which is a fairly large increase over the 2011 number of $0.19 and was just a bit more than the expected $0.30 loss per share.
"Our initial public offering added $114 million to our balance sheet, adding strength to our financial foundation as we look to continue investing in our rapid growth and increase the value we deliver to our communities and local businesses," saidRob Krolik, Yelp's chief financial officer. "The number of active business accounts has more than doubled year over year, and we have seen engagement from local business owners’ increase proportionally as they realize the positive economic impact that results when business owners have a constructive dialogue with their customers."
Edited by Brooke Neuman