Yelp (YELP) Tops Q3 EPS Views; Guides FY16 Revenue Above Expectations
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Yelp (NYSE: YELP) reported Q3 adjusted EPS of $0.22, $0.25 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $186.2 million versus the consensus estimate of $183 million.
- Local revenue: Local revenue increased 41% year over year to $163.6 million driven by strong productivity across all sales channels and accelerating revenue growth in the self-serve channel.
- Request-A-Quote: Consumer adoption of the Request-A-Quote feature continued to grow, with consumers making 20% more requests in the third quarter of 2016 than the previous quarter. Business owner response rates are high and nearly three-quarters of all messages in the third quarter were replied to within 24 hours. Request-A-Quote has helped drive engagement on the business owner app, with business owner logins more than doubling in the quarter compared to the same quarter in the prior year.
- Transactions: In the third quarter of 2016, Yelp began integrating Nowait into Yelp Platform and, as of today, consumers can now add themselves remotely to waitlists for over 3,200 restaurants nationwide via the Yelp app. Total transaction volume, which consists of completed transactions and bookings through Eat24, Yelp Reservations and Yelp Platform, grew 39% in the quarter over the same quarter in 2015.
Yelp sees Q4 2016 revenue of $191-195 million, versus the consensus of $192.7 million.
Yelp sees FY2016 revenue of $709-713 million, versus the consensus of $708.0 million.
For earnings history and earnings-related data on Yelp (YELP) click here.
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