From NASDAQ: 2024-05-10 11:31:00

Yelp reported Q1 2024 earnings beating estimates but missing on revenue. Net income improved significantly year-over-year. Revenues rose 6.5% to $332.8 million, driven by strong advertising and home services, offset by RR&O categories. Advertising revenues increased 7% to $317.6 million, with paying advertising locations at 530,000. Adjusted EBITDA increased to $64.5 million.

Total costs and expenses rose to $321.5 million as Yelp invested in growth initiatives. The company ended Q1 with $420.8 million in cash and generated $72.8 million in operating cash flow. Q2 2024 revenue projected at $350-$355 million, with adjusted EBITDA at $70-$75 million. Full-year revenue expected to reach $1.42-$1.44 billion.

Yelp shares a Zacks Rank #1. Other top-ranked stocks in the tech sector include AppFolio, Celestica, and Alphabet. AppFolio’s 2024 EPS estimate revised to $3.97, while Celestica’s estimate reached $3.32, and Alphabet’s estimate is now at $7.57. Bitcoin’s profitability has surged historically during presidential election years, presenting significant opportunities for investors.



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