Yelp Made $24.7 Million In Revenue 2012 Q1
Yelp is an app for smart phones and other mobile technological devices, or people can access and use it from a computer as well. This app allows people to rate and review local businesses in their area to provide people with real reviews and experiences from others about a certain place. It is useful visiting a place for the first time.
Yelp has been really successful thus far. In its 1st quarter in 2012 they have already made $24.7 million in revenue!
Here is the official report release from Yelp about their 1st quarter of 2012:
“Revenue was $27.4 million in the first quarter of 2012, reflecting 66% growth in revenue from the first quarter 2011
Cumulative reviews grew 59% to 27.6 million
Average monthly unique visitors grew 53% to 71.4 million*
Active local business accounts grew 117% to 27,300
Net loss in the first quarter of 2012 was $(9.8) million or $(0.31) per share, compared to a net loss of $(2.8) million, or $(0.19) per share, in the first quarter of 2011. Adjusted EBITDA for the first quarter of 2012 was a loss of approximately $1 million, compared to a loss of $880,000 for the first quarter of 2011.
“We are very pleased to report our first quarter as a public company,” said Jeremy Stoppelman, Yelp’s chief executive officer. “We were particularly excited to launch 11 new Yelp markets in the first quarter, including Sydney and Stockholm. With more than 80 Yelp cities around the world today, consumers are yelping about their favorite local businesses in record numbers and we look forward to continue expanding our platform around the globe.”
“Our initial public offering added $114 million to our balance sheet, adding strength to our financial foundation as we look to continue investing in our rapid growth and increase the value we deliver to our communities and local businesses,” added Rob Krolik, Yelp’s chief financial officer. “The number of active business accounts has more than doubled year over year, and we have seen engagement from local business owners increase proportionally as they realize the positive economic impact that results when business owners have a constructive dialogue with their customers.”