Yelp (YELP -2.13%) reported earnings for its fiscal 2014 first-quarter after the closing bell today that were stronger than Wall Street had expected. For the period ended March 31, Yelp's loss narrowed to $0.04 per share, up from a net loss of $0.08 per share during the same period a year ago. That was two cents better than analyst estimates for a quarterly loss of $0.06 per share.
Source: Yelp.
Revenue growth of 66% also impressed in the quarter. Yelp said it generated revenue of $76.4 million, up from $46 million in the year-ago period. For comparison, Wall Street was looking for first quarter revenue of $75 million. The San Francisco-based company raised its full-year guidance as a result, and now expects fiscal 2014 net revenue in the range of $363 million to $367 million.
"Yelp is becoming the gold standard in local search," said Jeremy Stoppelman Yelp's chief executive. "In the first quarter, we announced our integration into Yahoo! local search, building on our existing partnerships with Apple Maps and Bing. We also entered into an advertising partnership with YP.com, which will enable us to introduce Yelp to an even broader pool of business owners."
Yelp's strong results in the quarter drove its stock price up more than 4% in after hours trading today, with shares of Yelp trading around $61.11 as of 4:30 p.m. ET.
