Yelp this week reported strong third-quarter results, beating analyst expectations on revenue and earnings. The company also raised its full-year outlook. Yelp is a website and mobile app that publishes crowd-sourced reviews of businesses, including restaurants, bars, hotels, shopping, hair salons, and home and auto services.
Yelp's net revenue increased 12% year over year to $345 million, beating the consensus estimate of $336 million. Net income increased 539% year over year to $58 million. Adjusted EBITDA increased 30% year over year to $96 million. Yelp raised its full-year outlook to $1.332 billion to $1.337 billion of net revenue and $319 million to $324 million of adjusted EBITDA.
"We continued to see strong momentum from our product-led strategy as our team delivered another quarter with a number of record-breaking results," said Jeremy Stoppelman, Yelp's co-founder and chief executive officer. "Third quarter net revenue reached a new high, driven by record advertising revenue in our services category as service pros spent more on Yelp than ever before, 25% growth in our self-serve channel and a 9% increase in ad clicks year over year."
In its Q3 2023 earnings release on November 2, 2023, Yelp raised its full-year outlook for 2023 to $1.332 billion to $1.337 billion of net revenue and $319 million to $324 million of adjusted EBITDA.