OpenTable -2.7% on mixed results, in-line guidance

OpenTable (OPEN) expects Q2 revenue of $54.7M-$56.3M and EPS of $0.43-$0.48 vs. a consensus of $55.4M and $0.46. Full-year guidance is for revenue of $221.9M-$228.1M and EPS of $1.81-$1.96 vs. a consensus of $225.4M and $1.84.

Seated diners grew 25% Y/Y in Q1 to 46.7M, a slowdown from Q4's 34% clip. OpenTable's installed restaurant base only rose by 30 Q/Q to 31,583.

Reservation revenue +27% Y/Y to $34.3M vs. +33% in Q4. Subscription revenue +13% to $16.6M vs. +12%.

North America still accounts for 86% of revenue; the region's sales rose 17% to $46M. International sales +18% to $45.5M. Excluding an impairment charge, costs/expenses rose 22% Y/Y, exceeding rev. growth of 18%.

BofA/Merrill has upgraded shares to Buy, albeit while keeping its PT at $87.

Q1 results, PR, CC transcript

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