‘2020 was a transformational year for Yelp,’ CEO Jeremy Stoppelman says
Shares of Yelp Inc. jumped 6% in after-hours trading Tuesday after the company reported better-than-expected sales and earnings.
The San Francisco-based e-commerce platform said it earned $21.1 million, or 27 cents a share, against expectations of a breakeven quarter, according to analysts polled by FactSet. Yelp’s revenue improved 15% to $233.2 million, beating estimates of $228.2 million.
“2020 was a transformational year for Yelp,” Jeremy Stoppelman, Yelp’s co-founder and chief executive, said in a statement. “We preserved our financial strength throughout the pandemic as we increased the pace of product innovation to help consumers and local businesses stay connected, while continuing to make significant progress on our long-term strategy.”
Yelp shares YELP, +2.18% have climbed 11% over the past 12 months, while the broader S&P 500 index SPX, -0.11% has advanced 16.5% the past year.