Shares of Yelp Inc YELP were trading up about 6.6 percent in Thursday’s after-hours session, following the announcement of the company’s Q1 results. After the bell rang, the firm ran by Jeremy Stoppelman posted a net loss of $(0.20) per share, $0.04 larger than the Street expected. However, on an adjusted basis, earnings came in at $0.08 per share, $0.05 above consensus, while revenue of $158.6 million, up 33.8 percent year-over-year, beat estimates by $3.03 million.
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The beat was mostly driven by growth in the company’s local advertising revenue, its largest revenue source, which rose 40 percent to $138.1 million during the first quarter of 2016.
The stock was also helped by the management team’s guidance. For the second quarter of the year, the company guided for revenue of $167 million to $171 million, mostly above the $167.7 million consensus. For the full year, management projects sales growth of approximately 27 percent.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
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