Yelp Bringing Back Hundreds of Employees

Yelp (NYSE:YELP) is bringing back "nearly all" of its 1,100 furloughed employees and restoring employee pay and work hours starting in August, the company announced Monday.

The company will also extend its office closures into 2021, resulting in the layoff of 63 more employees.

Yelp in April laid off 1,000 employees and furloughed roughly 1,100 more, as the coronavirus pandemic dramatically decreased consumer interest in going out due to social distancing mandates.

"As local economies begin their recovery, we remain cautious but optimistic in the face of continued uncertainty," Yelp CEO Jeremy Stoppelman wrote in an email to employees.

Workers across the nation are slowly returning to their jobs, though COVID-19 cases are still rising. Weekly jobless claims for the week that ended July 4 totaled 1.314 million, while continuing claims came in at 18.06 million, according to the U.S. Labor Department.

Yelp investors reacted positively to recent jobs reports, which showed that more and more employers were taking on more people.

Some investors are becoming increasingly optimistic about the economy as states slowly open back up and more businesses reopen their doors and bring back some of their workers.

Yelp shares took 30 cents, or 1.3%, to $23.45