Yelp Soars Toward Return to Spending with Public Review Verification By Investing.com

© Reuters.

By Dhirendra Tripathi

Invest.com – Yelp Shares (NYSE:) jumped 9% on Friday after the company beat fourth-quarter estimates and promised another year of robust growth.

The company expects 2022 net revenue to be $1.16 billion to $1.18 billion, representing more than 14% growth at the high end. This follows an 18% increase in annual revenue that topped $1 billion in 2021, surpassing its pre-pandemic performance. Ad clicks increased by 24% during the year.

Fourth-quarter revenue rose more than 17% to over $273 million, driven by a recovery in spending as more consumers opted out and logged into its platform for restaurant, bar and salon reviews. beauty.

Cumulative reviews increased 9% year over year to exceed 244 million as of December 31, 2021 attracting 20 million. The company has scaled Yelp Connect, a paid product that provides advertisers with a channel to market new offers to customers.

Ad revenue from service businesses and the strength of the home services category are growing strongly. Adjusted earnings per share rose 3 cents to 30 cents and well ahead of estimates.

Yelp is working on a plan to reduce its office space. It has $232 million left in its buyback program and plans to continue using some of it to buy back shares.

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