Yelp shocked analysts with strong Q2 earnings. Yelp’s mission to connect active consumers with great local businesses through its crowdsourced review platform had been stymied one year ago.
Yelp’s renewed success is partly due to its increasing appeal among mobile users and its recent advancements in the mobile food space. Yelp has acquired Nowait, a mobile order ahead platform that allows diners to digitally add their names to a restaurant wait list before arriving at the location. Yelp’s total transaction volume has grown year over year in Q2 through bookings via Yelp Eat24, Yelp Reservations and Yelp Platform. The app is currently free for consumers, but restaurants pay a monthly subscription fee of $60 to $200.
Here are the numbers:
108 million | The number of reviews on Yelp
23 million | The number of active users on Yelp
800,000 | The number of times the Yelp app was downloaded in July 2016
50% | Total year-over-year transaction volume growth, with nearly 6 million transactions and bookings via Yelp Eat24, Yelp Reservations and Yelp Platform
30% | The increase in Yelp’s sales for Q2 year on year. Sales were 173.4 million while analysts expected a 7-cent loss on sales of $169.8 million
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