Demand for Yelp’s Advertising Products Drove Strong First Quarter 2023 Results

Yelp, a company that connects people with local businesses, has reported strong financial results for the first quarter of 2023, with record net revenue for the sixth consecutive quarter. The results were driven by advertiser demand, particularly in home services, which saw revenue growth of approximately 25% YoY. Yelp also launched more than a dozen new product updates to help consumers discover and connect with great local businesses. The company is confident in its ability to deliver profitable growth in the long term and is raising its full-year net revenue outlook to be in the range of $1.295 billion to $1.315 billion.