$YELP Beats on the Top Line, Misses by $0.03 on Bottom Line

“SAN FRANCISCO, Feb. 6, 2013 /PRNewswire/ — Yelp Inc. (YELP), the company that connects consumers with great local businesses, today announced financial results for the fourth quarter and full year ended December 31, 2012.

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• Net revenue was $41.2 million in the fourth quarter of 2012, reflecting 65% growth in net revenue from the fourth quarter of 2011
• Cumulative reviews grew 45% year over year to more than 36 million at the end of 2012
• Average monthly unique visitors grew 31% year over year to approximately 86 million*
• Active local business accounts grew 68% year over year to approximately 39,800

Net loss in the fourth quarter of 2012 was $5.3 million, or $0.08 per share, compared to a net loss of $9.1 million, or $0.56 per share, in the fourth quarter of 2011.  Adjusted EBITDA for the fourth quarter of 2012 was approximately $1.8 million, compared to an Adjusted EBITDA loss of $15,000 for the fourth quarter of 2011.

Net revenue for the full year ended December 31, 2012 was $137.6 million, an increase of 65% compared to $83.3 million in the same period last year.  Net loss for the full year ended December 31, 2012 was $19.1 million, or $0.35 per share, compared to a net loss of $16.9 million, or $1.10 per share, for the comparable period in 2011. Adjusted EBITDA for the full year 2012 was approximately $4.6 million compared to an Adjusted EBITDA loss of $1.1 million for the prior year.

“2012 was a tremendous year for Yelp,” said Jeremy Stoppelman, Yelp’s chief executive officer. “We completed a successful IPO, launched new products to improve the Yelp experience for consumers and business owners, expanded into new markets while increasing our presence in existing ones, and completed our first acquisition.  We believe 2013 will be a tipping point for our brand in Europe as Yelp continues to become a trusted local resource.  Our mobile strategy will remain a top priority as engagement increases, and we will continue to focus on the business owner, creating more ways to measure the value of Yelp leads.”…”

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