Yelp reveals Q2 2012 net revenue increase of 67pc to US$32.7m
Net revenue at customer-review website Yelp jumped 67pc from the second quarter of 2011 to US$32.7m during Q2 of 2012.
The San Francisco, California-based company’s cumulative reviews also increased, by 54pc year-over-year to more than 30m.
Average monthly unique visitors grew 52pc year-over-year to more than 78m, and active local business accounts rose 113pc year-over-year to about 32,000.
Net loss in the second quarter of 2012 totalled US$2.0m or US$0.03 per share, compared to a net loss of US$1.2m, or US$0.08 per share, in the second quarter of 2011.
Adjusted EBITDA for the second quarter of 2012 amount to about US$1.6m, compared to US$649,000 for the second quarter of 2011.
"Yelp's second-quarter performance highlights the underlying power of our model," Jeremy Stoppelman, CEO of Yelp, said in a statement yesterday.
"By focusing almost singularly on cultivating rich, authentic local content, we have created a unique platform that is rapidly becoming the de facto local search engine for connecting consumers with great local businesses. We are now active in 90 Yelp markets around the world and are seeing an increase in our consumer engagement, especially on mobile, where their connection to local businesses is enhanced by the location-based capabilities of their mobile devices."
Rob Krolik, Yelp's chief financial officer, said the company will continue to invest in growing its platform and expanding overseas to extend the Yelp brand around the world.