Yelp reports surprise profit, stock jumps
Yelp Inc. shares gained nearly 6% in late trading Tuesday after the online-reviews site reported a surprise quarterly profit. Yelp reported net income of $400,000, about a penny per share, on revenue of $173.4 million. Analysts on average expected a loss of 7 cents a share on sales of $169.8 million, according to FactSet; Yelp had forecast quarterly revenue of $167 million to $171 million. "We had a great second quarter with local revenue growth accelerating to 41% year over year," Chief Executive and cofounder Jeremy Stoppelman said in Tuesday's news release. Yelp hit a 52-week high in Tuesday trading before closing with a 3% gain at $32.64; shares hit $34.75 in immediate late trading after the report was released.
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