Yelp reports Q1 EPS 36c, consensus 33c

Reports Q1 revenue $358.5M, consensus $353.1M. “Our first quarter results demonstrate the strength of our services business and the progress we’ve made against our product roadmap,” said Jeremy Stoppelman, Yelp‘s (YELP) co-founder and chief executive officer. “Services revenue increased by 14% year over year in the first quarter, achieving the 16th consecutive quarter of double-digit growth, and we continued to see momentum in our product-led strategy. We recently rolled out 15 new features and updates to enhance the consumer experience and help businesses manage their operations more efficiently. Looking ahead, we’re excited about the lineup of AI advancements on our roadmap that will further transform the Yelp experience and streamline operations for local businesses. We believe that these efforts will unlock new opportunities for growth and enable us to deliver long-term value to our shareholders.” “We exceeded our expectations in the first quarter, delivering 8% year-over-year revenue growth and strong profitability,” said David Schwarzbach, Yelp’s chief financial officer. “Adjusted EBITDA increased by 32% year over year to $85 million, $15 million above the high end of our outlook range and representing a four percentage point year-over-year improvement in our adjusted EBITDA margin. We believe our consistent execution and disciplined expense management position us well to navigate a complex environment and deliver long-term, profitable growth.”