Yelp Inc (NYSE:YELP) Friday reported better-than-expected earnings for its second quarter. The company also announced CFO Charles Baker will step down on Sept. 2 in order to accept an executive position at another company. Yelp has initiated an executive search for a new CFO.
Earnings per Share increased 30% year over year to $0.16 on a diluted basis, driven by strong Net Income growth and stock repurchases
Net revenue grew to $247 Million, while net income rose to $12 Million, Adjusted EBITDA increased to a record of $55 Million
The company also boasted returning $295 million to shareholders through share repurchases in the second quarter.
This quarterly report represents an earnings surprise of 33.33%. A quarter ago, it was expected that this online business reviews company would post earnings of $0.02 per share when it actually produced earnings of $0.02, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Yelp, to quote its news release Friday, "connects people with great local businesses. With unmatched local business information, photos, and review content, Yelp provides a one-stop local platform for consumers to discover, connect, and transact with local businesses of all sizes by making it easy to request a quote, join a waitlist, and make a reservation, appointment, or purchase."
Yelp was founded in San Francisco in July 2004, and intends to make future announcements of material financial and other information through its Investor Relations website.
Shares popped $4.29, or 12.3%, to $39.12
