Yelp Inc. (NYSE: YELP), a company that connects consumers with great local businesses, announced financial results for the second quarter ended June 30, 2012.
Net revenue was $32.7 million in the second quarter of 2012, reflecting 67% growth in net revenue from the second quarter of 2011. Cumulative reviews grew 54% year over year to more than 30 million. Average monthly unique visitors grew 52% year over year to more than 78 million. Active local business accounts grew 113% year over year to approximately 32,000
Net loss in the second quarter of 2012 was $(2.0) million or $(0.03) per share, compared to a net loss of $(1.2) million, or $(0.08) per share, in the second quarter of 2011. Adjusted EBITDA for the second quarter of 2012 was approximately $1.6 million, compared to $649,000 for the second quarter of 2011.
New market expansion: Yelp launched 8 new markets in the second quarter including Denmark, Finland, Norway, Madison, Wisconsin, increasing the total active markets worldwide to 90. Yelp opened a London office to ramp its sales efforts in Europe.
Business Outlook: For the third quarter of 2012, net revenue is expected to be in the range of $34.5 million to $35.5 million. Adjusted EBITDA is expected to be in the range of $750,000 to $1.25 million. For the full year of 2012, net revenue is expected to be in the range of $135 million to $136 million, representing growth of 62% to 63% compared to the full year of 2011. Adjusted EBITDA is expected to be in the range of $3 million to $4 million.