Yelp has come through with a strong financial picture for the second quarter of 2014. Today, the company reported revenue growth of 61 percent year-over-year, with net revenue of $88.8 million beating analyst estimates of $86.32. The quarter marks the first time the company has been profitable since becoming public company, said Jeremy Stoppelman, Yelp’s chief executive officer in a statement.
Reviews on Yelp increased 44 percent compared to the second quarter of 2013 to roughly 61 million. Approximately 40 percent of new reviews were added through mobile devices, according to the company — up from 35 percent last quarter. Active local business accounts on the service grew 55 percent to nearly 79.9 thousand, according to today’s report.
Average monthly unique visitors reached 138 million, a growth rate of 27 percent year-over-year. Average monthly mobile unique visitors shot up 51 percent to 68 million.
The company projects third quarter net revenue to grow again by 61 percent year-over-year to come in between $98 to $99 million. Revenue for the year is estimated to range between $372 to $375 million, for a 60 percent growth rate compared to 2013. That projection is up from last quarter’s estimate of of $363 million and $367 million.
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