- While NYSE:YELP doesn't provide an explanation in its earnings release for its soft Q4 guidance (revenue expected to be $3M-$4M below consensus), its traffic data arguably helps explain the shortfall.
- Average monthly unique visitors rose 19% Y/Y in Q3 to 139M, a slowdown in growth from Q2's 27% and Q1's 30%. Moreover, monthly uniques only rose by 1M Q/Q. Mobile monthly uniques rose 46% Y/Y to 73M, after growing 51% in Q2.
- Active local business accounts (a concern going in) were fairly healthy: They rose 51% Y/Y to 86.2K, after growing 55% in Q2. Accounts rose by 7.3K Q/Q. Cumulative reviews rose 41% to 67M; 44% growth was seen in Q2.
- GAAP sales/marketing spend rose 60% Y/Y to $54.5M (53% of revenue), a pickup in growth from Q2's 55%. Total costs/expenses rose 55% to $97.9M.
- In spite of the light revenue guidance, Yelp has upped its full-year adjusted EBITDA guidance to $69.5M-$70.5M from $67M-$69M.
- Q3 results/guidance, PR