Yelp Inc. Updates Full Year Outlook For Revenue, Adjusted EBITDA

(RTTNews) - Yelp Inc. (YELP) announced, for the full year of 2016, net revenue is expected to be in the range of $690 million to $702 million, representing growth of approximately 27% compared to full year 2015 at the midpoint of the range. Adjusted EBITDA is expected to be in the range of $93 million to $105 million. In February, the company projected its full year revenues to be in a range of $685 million to $700 million.

For the second quarter of 2016, net revenue is expected to be in the range of $167 million to $171 million, representing growth of approximately 26% compared to the second quarter of 2015 at the midpoint of the range. Adjusted EBITDA is expected to be in the range of $21 million to $25 million.

Net loss in the first quarter of 2016 was $15.5 million, or $0.20 per share, compared to a net loss of $1.3 million, or $0.02 per share, in the first quarter of 2015. Non-GAAP net income was $6.0 million for the first quarter, or $0.08 per share, compared to $7.9 million, or $0.10 per share, in the first quarter of 2015.

On average, 30 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.16 for the quarter. Analysts' estimates typically exclude special items.

Net revenue was $158.6 million in the first quarter of 2016, reflecting 34% growth over the first quarter of 2015. Excluding brand advertising revenue, to account for the elimination of Yelp's display advertising product in 2015, net revenue grew 42% compared to the first quarter of 2015. Analysts expected revenue of $155.57 million for the quarter.

Shares of Yelp Inc. were up more than 8% after hours.