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Sep 30, 2022
Yelp Q3 2022 Earnings Report
Yelp's Q3 2022 earnings were released, revealing record net revenue driven by strong performance in services categories and efficient sales channels.
Key Takeaways
Yelp reported a 15% year-over-year increase in net revenue, reaching a record $309 million in Q3 2022. The company's net income was $9 million, and adjusted EBITDA increased to a record $74 million. Yelp has narrowed its full-year outlook to $1.185 billion to $1.195 billion in net revenue and $265 million to $275 million in adjusted EBITDA. The Board of Directors has also authorized a $250 million increase to the stock repurchase program.
Yelp delivered record net revenue, driven by record revenue in services categories and efficient Self-serve and Multi-location sales channels.
Services categories experienced particularly strong results, with year-over-year growth accelerating to 15%, driven by an approximately 25% year-over-year increase in the home services category.
Advertisers are increasingly turning to Yelp's broad-based ad platform and high-intent audience.
Yelp remains confident in its ability to drive profitable growth and shareholder value over the long term.
Yelp
Yelp
Forward Guidance
Yelp has narrowed its full-year outlook to $1.185 billion to $1.195 billion of Net revenue and $265 million to $275 million of Adjusted EBITDA.