Yelp, renowned for linking individuals with quality local establishments, revealed an impressive financial performance for Q2 2023.
- A 13% rise in net revenue from the previous year, amounting to a noteworthy $337 million.
- A substantial 84% YoY increase in net income, reaching a solid $15 million.
- The adjusted EBITDA saw a 25% YoY boost, registering at a record-breaking $84 million.
Jeremy Stoppelman, Yelp’s CEO and co-founder, emphasized the company’s continual double-digit growth for the ninth successive quarter, he said “Yelp’s record-breaking top-line second quarter results are a testament to our increased product velocity and consistent execution across the company. For the ninth consecutive quarter, we delivered double-digit growth. Net revenue reached a new high driven by record advertising revenue across categories. Self-serve and multi-location accounted for more than half of our advertising revenue for the first time, reaching a milestone that reflects our long-term strategy to drive growth through our most efficient advertising channels. As we remain focused on enhancing our already strong product pipeline, we’re confident in our ability to gain market share and deliver long term shareholder value.”
David Schwarzbach, Yelp’s CFO, lauded the firm’s steady top-line growth and profitability. He stated “Yelp’s second quarter results demonstrate the durability of our top-line growth while delivering healthy profitability. We grew net revenue by 13% year over year to a record level, while also expanding net income margin and adjusted EBITDA margin by two percentage points each from the prior-year period. We believe the strategic investments we’ve made have positioned us well for continued profitable growth over the long term.”
The recent surge in Yelp’s financials signifies the platform’s relentless dedication to innovation and consistent performance, reinforcing its status as a key player in the digital marketplace. Marketers should keep a close eye on this platform, as its increasing ad revenues indicate a valuable space for brand visibility and engagement.
Yelp‘s Q2 results are a clear signal to marketers about the growing potential of the platform. The company’s commitment to enhancing its advertising channels and the consistent double-digit growth suggests that now might be the time for brands to invest and leverage Yelp’s vast audience for better market penetration.