Yelp Q3 2013 Revenue Up 68% At $61.2 Million For The Quarter

Yelp logoYelp released its Q3 2013 earnings report today, posting a 68 percent growth in revenue from the third quarter of 2012, with net revenue at $61.2 million for the quarter ending on September 30, 2013.

Cumulative reviews on Yelp have increased 42 percent year over year, climbing to 47.3 million. Average monthly unique visitors grew 41 percent year over year to 117 million. The number of business accounts on Yelp has grown to 57,200, representing 61 percent year over year growth.

“We saw another quarter of strong momentum thanks to high-quality, authentic content contributed by Yelpers around the world,” stated Yelp CEO Jeremy Stoppelman in the release posted on Yelp’s investor relations website. He attributed Yelps recent gains in part to the site’s mobile advances and new features, “In the third quarter, we improved the user experience by adding the ability to write and post reviews from mobile and launched new features such as the customer activity feed for business owners.”

As far as Yelp’s mobile engagement, the company’s third quarter results showed 46 percent of its local ads were shown on mobile devices and 62 percent of searches happened on mobile devices. Yelp claims its mobile app usage this quarter reached a monthly average of 11.2 million unique mobile devices.

Yelp forecasts fourth quarter 2013 net revenue to be in the range of $66 million to $67 million, a 62 percent increase compared to fourth quarter of 2012.

Yelp Q3 2013 balance sheet