Yelp gains as record 2022 revenue tops estimates

Yelp

10/02/2023 14:12

** Shares of online services company Yelp Inc  YELP.N  up
~7.5% at $33.2 premarket
    ** Co says strong advisor demand drove record net rev of
$1.2 bln in 2022, beating est; Q4 rev of $309.10 mln vs est
$306.50 mln - Refinitiv
    ** Posts earnings of 28 cents/shr in Q4 and 50 cents/shr in
2022, both in line with expectations
    ** Expects 2023 net rev of $1.29 bln-$1.31 bln on continued
execution of strategic initiatives
    ** Total ad rev in 2022 up 15% at record $1.1 bln, but ad
clicks down 8%  
    ** JP Morgan and Credit Suisse raise PT post results; 1
'buy', 6 'hold' and 3 'sell' ratings on stock, median PT at $35
    ** Stock up ~13% YTD after ~25% fall in 2022
 (Reporting by Ankika Biswas in Bengaluru)
 ((Ankika.Biswas@thomsonreuters.com))