Yelp shares jump 6% on better-than-expected sales, earnings

/ / News

Yelp Inc. shares were initially up 6% in after-hours trading Thursday after the provider of crowd-sourced reviews reported fiscal third-quarter revenue and earnings that beat Wall Street estimates. Yelp reported a loss of $1 million, or a penny a share, vs. net income of $10.1 million, or 14 cents a share, in the year-ago quarter. Revenue slid 16% to $220.8 million from $262.5 million a year ago. However, net revenue increased 31% from the second quarter as shelter-in-place orders eased. Analysts surveyed by FactSet had expected a third-quarter loss of 35 cents a share on revenue of $202.8 million. Yelp shares are down 37% this year. The broader S&P 500 index has climbed 9% in 2020.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.