Revenue rose 67% to $32.7 million, the San Francisco-based company said yesterday in a statement, beating the average analyst prediction of $30.5 million compiled by Bloomberg. The net loss was $1.98 million, or 3 cents a share. Analysts on average were projecting a loss of 5 cents.
Money spent on sales and marketing, the company's largest expense, increased 65% to $20.3 million in the second quarter after surging 67% in the previous period. Yelp expanded into eight new markets in the quarter, including Finland and Norway, bumping total active markets worldwide to 90.
At the same time, more users are coming to the site and reviewing businesses more often. Reviews increased 54% to more than 30 million, while average monthly unique visitors grew 52% to more than 78 million, Yelp said. The company's mobile applications were used on 7.2 million unique devices a month on average.
In last year's second quarter, the company posted a net loss of $1.17 million, or 8 cents a share, on sales of $19.6 million. Third-quarter revenue will be $34.5 million to $35.5 million, Yelp said, compared with the average analyst estimate of $34.3 million."