Yelp Inc., the platform connecting people with local businesses, reported strong financial results for the second quarter of 2023. The company achieved a record net revenue of $337 million, representing a 13% increase year over year. Net income also saw substantial growth, rising by 84% to reach $15 million. Adjusted EBITDA hit a record $84 million, indicating a significant 25% year-over-year increase.
Yelp’s CEO, Jeremy Stoppelman, attributes the impressive performance to increased product velocity and consistent execution across the company. The second-quarter results mark the ninth consecutive quarter of double-digit growth. Advertising revenue, especially from self-serve and multi-location channels, played a crucial role in driving the record-breaking revenue.
David Schwarzbach, Yelp’s CFO, expressed confidence in the company’s ability to sustain profitable growth in the long term. Yelp’s strategic investments have positioned them well for continued success in the evolving industry.
The company also disclosed its financial statements for the second quarter and provided a glimpse of its future outlook during the live Q&A session. Yelp’s continued focus on enhancing its product pipeline and driving market share is expected to contribute to long-term shareholder value.