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Third quarter Net Revenue increased by 12% year over year to a record $345 million
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Net Income increased by 539% year over year to a strong $58 million
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Adjusted EBITDA increased by 30% year over year to a record $96 million
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Raises full-year outlook to $1.332 billion to $1.337 billion of Net Revenue and $319 million to $324 million of Adjusted EBITDA
Yelp Inc., the company that connects people with great local businesses, today posted its financial results for the third quarter ended September 30, 2023 in the Q3 2023 Shareholder Letter available on its Investor Relations website at www.yelp-ir.com.
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“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. As we continue to execute on our robust product roadmap to make Yelp the go-to platform for services, deliver more value to advertisers, and enhance the overall consumer experience, I’m excited about the opportunities ahead to drive profitable growth and long-term shareholder value.”
“The Yelp team delivered its 10th consecutive quarter of double-digit revenue growth in the third quarter,” said David Schwarzbach, Yelp’s chief financial officer. “Net revenue grew 12% year over year while net income margin expanded 14 percentage points year over year. Adjusted EBITDA increased by 30% year-over-year to a record $96 million, representing a 28% adjusted EBITDA margin. Investing in our product-led strategy has continued to strengthen Yelp for the long term, giving us even more conviction in the durability of our business.”
Quarterly Conference Call
Yelp will host a live webcast today at 2:00 p.m. Pacific Time to discuss the third quarter financial results and outlook for the full year 2023. The webcast of the Q&A can be accessed on the Yelp Investor Relations website at www.yelp-ir.com. A replay of the webcast will be available at the same website.
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