Yelp Inc stock fell. rose more than 9% in extended trading Thursday after the company reported quarterly results that beat analysts' revenue and profit estimates but provided weak guidance.
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It reported fiscal fourth-quarter net income of $27.4 million, or 40 cents per share, compared with net income of $20.15 million, or 29 cents per share, in the same quarter last year.
Net revenues amounted to $342.4 million, compared to $309.1 million a year ago. Annual net revenue increased 12% year over year to reach a record level of $1.34 billion.
Analysts surveyed by FactSet had expected net income to average 38 cents per share on revenue of $341 million.
“Investments in our long-term strategic initiatives have driven multiple record numbers as local advertisers continue to see the value of Yelp's high-intent audience in 2023,” said David Schwarzbach, Yelp's chief financial officer, in a phone interview. “It was the best year in our history.”
Yelp offered fiscal first-quarter revenue guidance of between $330 million and $335 million, while analysts tracked by FactSet are modeling $345 million.
Yelp shares have risen 43% over the past 12 months, while the broader S&P 500 index SPX has improved 23%.
