Yelp self help: Listings site spent $49M since November on buying its own stock
The company also announced that it cut costs during the fourth quarter
Yelp Inc, revealed it spent $49 million dollars on buying back stock shares since November, according to a shareholder letter.
The listings company also disclosed in the letter that it anticipates revenue of $985 million to $1.01 billion for 2021 and it will generate $150 million to $170 million in adjusted earnings before interest, taxes, depreciation and amortization. For 2020, the company announced its fourth-quarter earnings and that revenue was stronger than earlier periods in 2020, but still fell year over year.
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Yelp reported net income attributable to common shareholders of $21.1 million, up from $17.2 million for the fourth quarter of 2019. Earnings per share ticked up to 27 cents from 24 cents.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| YELP | YELP INC. | 37.49 | +1.36 | +3.76% |
Revenue for the quarter amounted to $233.2 million. That was down 13% year over year, but marked a recovery from the third and second quarters last year, when the pandemic cut into demand as many businesses put a lid on spending and others closed down.
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Analysts expected a flat profit per share on about $228 million in revenue, according to FactSet.
Shares of Yelp gained 2.2% to $38.51 in after-hours trading.
San Francisco-based Yelp cut costs during the fourth quarter. Spending and marketing was down 19% year over year to $102.2 million. Product-development and general and administrative costs were also lower.
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Yelp also said in the shareholder letter that a key traffic metric that tracks the number of unique mobile devices using the company's mobile app in a given month averaged over a three-month period was down 17% year over year.