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  • Wed, Mar. 9, 9:15 AM
    | Wed, Mar. 9, 9:15 AM | 1 Comment
  • Wed, Mar. 9, 8:17 AM
    • UBS lowers Yelp (NYSE:YELP) to Sell from Neutral, stating that the consumer review website operator has lagged peers in user growth, product innovation, and technology investments.
    • The firm currently has a price target of $17 on the stock, implying a downside of 20%.
    • YELP -4.1% premarket
    | Wed, Mar. 9, 8:17 AM | 3 Comments
  • Thu, Mar. 3, 10:59 AM
    • A day after stating it has come to terms with activist TCS Capital, Angie's List (ANGI +1.4%) announces (in tandem with its investor day) it expects 2016 revenue of $345M-$355M, below a $361.6M consensus and up slightly from 2015's $344.1M.
    • Adjusted EBITDA is expected to rise to $31M-$35M from 2015's $28M, and free cash flow is expected to be close to breakeven.
    • Meanwhile, in a move meant to help the better compete against Yelp (YELP -1.2%) and other free local reviews providers, Angie's says it plans to remove its ratings/reviews paywall, and introduce "new freemium and premium tiered offerings with additional high value services."
    • Both features are expected to begin arriving in Q2. Angie's claims early test results "have shown significant increases in consumer engagement and service provider value, including increases in consumer registrations, total profile views, reviews and originations."
    • The company is aiming for 2020 revenue of $750M and adjusted EBITDA of $150M. It plans to focus ion strengthening/repositioning its core business in 2016, better leveraging its home service platform (including via value-added services) in 2017-2018, and expanding to "adjacencies" in 2019-2020.
    | Thu, Mar. 3, 10:59 AM
  • Fri, Feb. 19, 12:39 PM
    • Arguing risk/reward is favorable and that the local ad market "represents an immense opportunity" for the company, Tigress Financial has upgraded Yelp (YELP +4.1%) to Buy.
    • Shares are adding to the Wednesday gains seen following news David Einhorn's Greenlight Capital took a stake in Yelp in Q4. They sold off post-earnings last week, in spite of a Q4 beat and good sales guidance.
    | Fri, Feb. 19, 12:39 PM | 1 Comment
  • Tue, Feb. 16, 6:24 PM
    • In its Q4 13-F, David Einhorn's Greenlight Capital has disclosed a 380K-share stake in YELP, a 5.2M-share stake in AvanGrid (NYSE:AGR), and a 500K-share stake in Baxter (NYSE:BAX).
    • As previously disclosed, Greenlight opened positions in Macy's and Mylan; the respectively firm owned 6.7M and 2.9M shares at the end of Q4. A 4M-share position in BNY Mellon (NYSE:BK) was unloaded.
    • AGR +2.2% after hours. Yelp is up modestly.
    | Tue, Feb. 16, 6:24 PM | 1 Comment
  • Mon, Feb. 8, 2:01 PM
    • After coming off a halt following the premature release of its Q4 report, Yelp YELP is down sharply, as it was prior to the report. The Nasdaq is down 3.2%.
    • In addition to forecasting ~26% Y/Y 2016 sales growth, Yelp is guiding for adjusted EBITDA to rise to $90M-$105M from 2015's $69.1M; markets may have been hoping for stronger EBITDA growth guidance. Q4 adjusted EBITDA was $17.5M (below guidance of $20M-$24M), and Q1 guidance is at $10M-$12M.
    • Q4 metrics: Cumulative reviews +34% Y/Y to 95M, after growing 35% in Q3. Local ad accounts +32% to 111K vs. +37% in Q3. App unique devices (i.e. the # of unique mobile devices accessing Yelp's apps) +38% to 20M vs. +39% in Q3. Yelp claims app users "were more than 10 times as engaged as website users based on number of pages viewed." Diners seated via restaurant reservation platform SeatMe rose 120% Y/Y.
    • Top-line performance: Local ad revenue +35% Y/Y to $125.9M. Brand ad revenue -18% to $7.1M; Yelp has finished phasing out brand ad sales, and won't record any in 2016. Transaction revenue up 10x Y/Y to $14M thanks to the Eat24 acquisition; Eat24's sales were up 80%. Other revenue flat at $6.8M.
    • Financials: GAAP costs/expenses +57% Y/Y (exceeding revenue growth of 40%) to $160.1M, with sales/marketing spend rising 63% to $87.5M. Cost of revenue totaled $15M, R&D spend $29M, G&A $20.7M, and depreciation/amortization $8M. Yelp ended 2015 with $371M in cash, $16M in restricted cash, and no debt.
    • For those wondering, Yelp says its earnings were released early due to "a vendor error by PR Newswire."
    • Yelp's results/guidance, earnings release
    | Mon, Feb. 8, 2:01 PM | 1 Comment
  • Mon, Feb. 8, 1:22 PM
    • Yelp (NYSE:YELP): Q4 EPS of $0.11 beats by $0.14.
    • Revenue of $153.7M (+39.9% Y/Y) beats by $1.3M.
    • Expects Q1 revenue of $154M-$157M (+31% Y/Y at the midpoint) vs. a $154.4M consensus.
    • Expects 2016 revenue of $685M-$700M (+26% Y/Y at the midpoint) vs. a $687.4M consensus.
    • CFO Rob Krolik will be stepping down in the coming months. A search will be carried out to find a successor.
    • Shares are halted.
    • Update (1:39PM ET): Yelp is down 2.8% after resuming trading. Shares were down more sharply earlier today.
    | Mon, Feb. 8, 1:22 PM | 9 Comments
  • Mon, Feb. 8, 10:43 AM
    • Ahead of this afternoon's Q4 report, YELP has tumbled to new post-IPO lows on an ugly morning for equities. 1.82M shares have already been traded; the 3-month daily average is 2.46M.
    • The local reviews leader is now just a little more than $1 away from 2012's $15 IPO price. The WSJ published a cautious column over the weekend, criticizing Yelp's relatively low revenue/employee (a result of its heavy reliance on local businesses for ad sales) and dependence on search traffic.
    • Shares now go for only 1.8x a 2016 revenue consensus of $687.4M.
    | Mon, Feb. 8, 10:43 AM | 2 Comments
  • Sun, Feb. 7, 5:35 PM
    | Sun, Feb. 7, 5:35 PM | 14 Comments
  • Fri, Feb. 5, 12:43 PM
    • On a day the Nasdaq is down 2.4%, Internet stocks are seeing outsized losses after LinkedIn (down 41.3%) issued weak Q1/2016 guidance with its Q4 beat.
    • The professional social networking leader forecast its corporate hiring solutions business would see slower growth in 2016 (international macro issues were blamed). It also noted display ad sales fell by a high-30s % Y/Y in Q4 amid ongoing secular industry pressures, and reported just 7% Y/Y unique visitor member growth.
    • Facebook (FB -5.5%), which soared last week after blowing away Q4 estimates on the back of 57% Y/Y ad revenue growth, is among the casualties. As is Amazon (AMZN -4.9%), which sold off last week after missing Q4 estimates and issuing in-line Q1 sales guidance, is also down sharply. As is Twitter (TWTR -5.3%), which reports in five days and continues trading near post-IPO lows amid growth/engagement concerns.
    • Other decliners include Yelp (YELP -7.9%), TripAdvisor (TRIP -6.3%), Expedia (EXPE -6%), LendingClub (LC -8.3%), (WIX -6.8%), Wayfair (W -7.6%), Groupon (GRPN -4.9%), Shopify (SHOP -6.3%), and Zillow (Z -6%), as well as ad tech firms Criteo (CRTO -8.9%) and TubeMogul (TUBE -7.6%). The aforementioned companies are generally expected to post Q4 results in the coming weeks.
    • Earlier: Enterprise software and security stocks hammered after Tableau/LinkedIn's earnings
    | Fri, Feb. 5, 12:43 PM | 107 Comments
  • Tue, Jan. 26, 1:33 PM
    • A little over a month after rallying on a vague Priceline (NASDAQ:PCLN) M&A rumor, Yelp (YELP +2.7%) is at it again.
    • The latest rumor comes ahead of Yelp's Feb. 8 Q4 report. As always, short-covering could be fueling the gains: 9.5M shares (17% of the float) were shorted as Dec. 31.
    | Tue, Jan. 26, 1:33 PM | 3 Comments
  • Thu, Jan. 14, 10:30 AM
    • B. Riley's Sameet Sinha has downgraded YELP to Sell, and cut his target by $6 to $15. Shares have fallen to new 52-week lows.
    • Sinha notes Quantcast estimates Yelp's traffic fell 13% Q/Q in Q4, a decline much larger than the 2% estimated for Q4 2014 and translating into an 8% Y/Y drop. "While management has indicated expectations for a seasonal decline in traffic in 4Q15, we believe -13% is indicative of a major problem as it implies traffic decline for the first time on a Y/Y basis." Google search algorithm changes have been weighing on Yelp's traffic for some time.
    • He adds the cost of a new app install rose to $5 in Q3 from $3.30 in Q4, and thinks the trend may have continued in Q4. "This could potentially necessitate higher spend as it is a strategic imperative for YELP to develop its own sources of traffic, especially as GOOGL applies additional pressure."
    • Competition from the likes of Facebook, Google, and Amazon (has been around for a while) is also mentioned. Facebook recently began prepping a searchable local services directory that leverages info and reviews on Facebook pages.
    | Thu, Jan. 14, 10:30 AM | 7 Comments
  • Thu, Jan. 14, 9:16 AM
    | Thu, Jan. 14, 9:16 AM
  • Wed, Jan. 13, 2:59 PM
    • It's another ugly day for stocks, with the S&P down 2.1% and the Nasdaq 2.9%. Many high-beta tech names are naturally seeing even steeper declines.
    • Major decliners include driver-assistance hardware/software provider Mobileye (MBLY -6.4%), travel reviews/bookings search site TripAdvisor (TRIP -5.8%), mobile payments provider/recent IPO Square (SQ -7%), online furniture leader Wayfair (W -6.2%), craft/vintage goods marketplace Etsy (ETSY -7.2%), SMB Web services provider (WIX -7.9%), and CAD/CAM software leader Autodesk (ADSK -7.7%).
    • Others include gaming headset vendor local reviews leader Yelp (YELP -6%), Turtle Beach (HEAR -19.5%), wireless charging tech developer Energous (WATT -14.2%), cloud HR software firm Paylocity (PCTY -7.3%), e-commerce software/services firm Shopify (SHOP -8.9%), e-commerce services firm ChannelAdvisor (ECOM -8.5%), mainframe/IT services provider Unisys (UIS -7%), and car-buying site TrueCar (TRUE -6.7%).
    • Previously covered: Qorvo, Cimpress, Tableau, Multi-Fineline, LendingTree, Twitter
    | Wed, Jan. 13, 2:59 PM | 14 Comments
  • Dec. 22, 2015, 12:06 PM
    • Vague M&A chatter is once more providing a lift to YELP. Priceline (NASDAQ:PCLN) has been mentioned as a suitor this time around.
    • Volume is moderate thus far: 1.01M shares vs. a 3-month daily average of 2.85M. 9.5M shares (17% of the float) were shorted as of Nov. 30.
    • The rumor comes less than a week after Yelp and Priceline-owned OpenTable confirmed they've ended a multi-year partnership. Yelp bought OpenTable rival SeatMe in 2013.
    • 3 months ago: Yelp higher amid vague M&A chatter, call-buying
    | Dec. 22, 2015, 12:06 PM | 6 Comments
  • Dec. 15, 2015, 12:42 PM
    • Under the URL, Facebook (FB +0.9%) has created a searchable directory (still in test mode) of local service providers such as electricians, auto repair shops, veterinarians, and spas. Browsing through category listings provides phone numbers, addresses, links to service provider Facebook pages, and average Facebook review ratings.
    • In addition to standard local service providers, searches on the site turn up listings for local businesses such as restaurants, bars, and hotels. TechCrunch observes the site's search rankings suggest Facebook could be leveraging user data (e.g. which business pages a user has previously visited or reviewed) to optimize results.
    • As is the norm for new product launches, Facebook isn't monetizing the service for now. Local business search and directory ads would be a natural fit. Facebook recently said it has 50M+ active business pages that collectively receive 2.5B monthly comments. Earlier this year, the company took steps to turn Messenger into a business-to-consumer communication tool.
    • Local business reviews leader Yelp (YELP -4.1%) has sold off in response to Facebook's move - this isn't the first time Yelp (still dominant in its core market) has reacted this way to a Facebook product launch. Paid local services marketplace/reviews site Angie's List (ANGI +1.3%) remains up moderately on a day the Nasdaq is up 1.4%.
    | Dec. 15, 2015, 12:42 PM | 46 Comments