Yelp Shares Higher After Q2 Earnings Beat; CFO To Step Down
Yelp Inc (YELP) shares are rising after reporting a second-quarter earnings beat.
Adjusted earnings came in at 16 cents per share, beating estimates by 4 cents. Sales came in at $247 million, missing estimates $390,000.
"I am proud of our team's execution of Yelp's business transition in the first half, which helped us achieve our outlook for the second quarter and sets the stage for revenue acceleration in the second half," said Jeremy Stoppelman, Yelp's co-founder and CEO. "The significant progress we have made this year, which includes delivering compelling new products, driving greater value to our advertisers, and growing our multi-location business, reinforces our confidence in achieving our financial outlook for 2019."
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.
Highlights
- EPS grew 30% year-over-year
- $295 million returned to shareholders
Yelp shares traded higher by 3.4% to $36.15 in Thursday's after-hours session. The stock closed at $34.95.
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